IN HB1341

Defines "interested person" as a mortgage holder whose mortgage is being foreclosed or an owner of real property through a sheriff's deed, and "omitted party" as someone with a junior lien interest who was not properly named as a defendant or served with process in a foreclosure action

Allows interested persons or omitted parties to bring civil action at any time to determine the extent of or terminate an omitted party's interest in property that was subject to a judicial sale

Requires courts to grant omitted parties redemption rights if they would have been entitled to redeem under existing law, with redemption amount no less than the foreclosure sale price plus interest, payable within 90 days

Courts must consider factors including whether the omitted party had actual notice of foreclosure, valuable improvements made by the interested person, and taxes paid when determining equitable redemption terms

Protects interested persons' remedies regardless of whether they had notice of the omitted party's interest, were negligent in examining records, or were in the lending business