CS/CS/HB 87 - Mortgage Foreclosures

• Shortens the limitations period for enforcing deficiency judgments on one-to-four family residential properties from 5 years to 1 year, measured from when the foreclosure certificate is issued or deed-in-lieu is accepted.

• Requires mortgage foreclosure complaints on residential properties to affirmatively allege plaintiff's status as note holder or specify factual basis for enforcement rights, with court sanctions available for non-compliance.

• Treats collateral attacks on final foreclosure judgments as monetary damage claims only, preventing relief that affects property title after the judgment becomes final and all appeals expire.

• Limits deficiency judgments on owner-occupied residential property to the difference between the judgment amount and fair market value of the property on sale date, with a rebuttable presumption based on homestead exemption status.

• Establishes procedures for expedited foreclosure proceedings through "order to show cause" hearings with specified notice requirements and creates standards for adequate protection when enforcing lost, destroyed, or stolen notes.