House Bill 1487 Summary

• Applies only to mortgage foreclosure actions involving dwellings occupied by the mortgagor.

• Requires courts to consider evidence regarding the foreclosure's effects on the mortgagor, neighborhood, mortgagee's plans, property vacancy risk, and mortgagor's efforts to avoid foreclosure before entering judgment.

• Mandates courts withhold foreclosure judgment for up to 180 days if foreclosure will likely have negative effects on the mortgagor or neighborhood and withholding judgment may mitigate those effects.

• Allows court to dismiss the action if the property is sold during the withholding period, or to extend the withholding period by up to 90 additional days for good cause.

• Specifies that withheld judgments do not affect the debt owed, accrual of interest, mortgage lien, or other contractual obligations; effective July 1, 2013.