HB567 Summary

• Limits the right of redemption for residential property to one year after the foreclosure date, regardless of whether a homestead exemption was claimed (which previously allowed 180 days).

• Establishes that possession or production of proof of mailing of the required redemption notice constitutes an affirmative defense to any action related to notice requirements.

• Reduces the statute of limitations for actions related to notice requirements from two years to one year after the foreclosure date.

• Requires mortgagees to mail notice of redemption rights to mortgagors at least 30 days before foreclosure by certified mail with proof of mailing, and provides that defective or missing notice does not invalidate the foreclosure.