H.B. 613 Summary

• Establishes an expedited foreclosure procedure called the "Private Foreclosure Fast-Track Law" that allows financial institutions to foreclose on residential properties securing residential mortgages without following traditional Chapter 2329 execution procedures.

• Defines "residential property" as unoccupied property with four or fewer dwelling units, including condominiums, row houses, and manufactured homes, and specifies that the expedited process applies only to unoccupied residential properties meeting defined criteria.

• Requires financial institutions to file complaints with supporting documents including preliminary judicial reports, copies of promissory notes and mortgages, affidavits attesting to property status, and allows direct transfer agreements with county land reutilization corporations.

• Establishes expedited timelines requiring final hearings within 30-180 days after service of summons and complaint, eliminates appraisal requirements, sets minimum bid at $300, and allows direct property transfer to financial institutions or land reutilization corporations without public auction.

• Provides shortened redemption periods (before direct transfer order or confirmation of sale rather than the standard post-sale redemption period) and limits parties' ability to assert counterclaims or cross-claims unrelated to mortgage validity and lien priority.