SB673 Summary

• Establishes a 30-day deadline for asserting claims or defenses related to violations of statutory foreclosure procedures, after which such claims are forever barred to ensure finality of sales.

• Prohibits subsequent purchasers for value from being sued regarding fraud or procedural compliance issues, except the mortgagee or trustee may still assert these claims against each other.

• Allows trustees or mortgagees to set aside a foreclosure sale prior to deed delivery by filing an affidavit with the county recorder, which revives all mortgage or deed of trust terms.

• Applies retroactively to March 31, 2011, to address instability in the real estate market created by the Davis v. Pennymac Supreme Court decision.

• Specifies that statutory foreclosure procedures apply only to foreclosures by mortgage companies, banks, or savings and loans, excluding agricultural trust property.