SB124 Summary

• Reduces the redemption period for residential property with a homestead exemption from one year to 180 days from the date of foreclosure sale.

• Maintains the one-year redemption period for all other property types following foreclosure or judgment sale.

• Requires mortgagees foreclosing on homesteaded residential property to provide written notice to the mortgagor at least 30 days before the foreclosure sale explaining redemption rights and available assistance programs.

• For homesteaded residential property, the redemption period does not begin until the required notice is given, but defective or missing notice does not invalidate the foreclosure.

• Applies prospectively to all foreclosure sales and judgment sales occurring on or after January 1, 2016, except those under mortgages or judgments dated prior to the effective date.