Senate Bill 513 Summary

• Requires judicial foreclosure (through court action) for mortgages on 1- to 4-unit residential owner-occupied properties, eliminating non-judicial foreclosure by advertisement for these properties.

• Grants courts authority to modify mortgages or provide other relief to mortgagors in owner-occupied 1- to 4-unit residential foreclosure cases, provided such modifications do not affect tenant or legal occupant rights.

• Establishes variable redemption periods ranging from 1 month to 1 year depending on property abandonment status and whether the mortgage debt exceeds 66-2/3% of original indebtedness for residential properties.

• Allows redemption periods of 6 months for commercial, industrial, or multifamily properties exceeding 4 units, and specifies shortened 30-day periods for properties determined abandoned under section 3241a.

• Authorizes the register of deeds in counties with populations between 750,000 and 1,500,000 to determine redemption amounts for a maximum fee of $50.00 and provides liability protections for such determinations.