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AL HB46
Bill
Status
1/9/2018
Primary Sponsor
Kerry Rich
Click for details
AI Summary
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Right of redemption for residential property cannot be exercised later than one year after the date of foreclosure, creating an absolute deadline regardless of when notice is given.
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Possession or production of proof of mailing of the redemption notice constitutes an affirmative defense to any action related to the notice requirement.
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All actions related to the notice requirement must be brought within one year after the date of foreclosure, reduced from the existing two-year period.
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A defective notice or failure to give notice does not affect the validity of the foreclosure or transfer of title to the property.
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The existing 180-day redemption period for residential property with a homestead exemption still applies, but does not begin until proper notice is given, subject to the one-year absolute deadline.
Legislative Description
Residential property, foreclosure, right-of-redemption, time period to redeem further provided for, notice requirement actions, affirmative defense, provided for, time frame for notice requirement actions, further provided for, Sec. 6-5-248 am'd.
Property, Real and Personal
Last Action
Read for the first time and referred to the House of Representatives committee on Judiciary
1/9/2018