HB 35
n This bill would prohibit deficiency decrees in final foreclosure judgments against homesteaded property. A deficiency decree is a judgment against a borrower for the balance still owed if his property is auctioned for less than the final foreclosure judgment amount.
HB 75
n This bill would require mediation, at the homeowner’s request, in foreclosure cases against homesteaded property that are still pending as of July 1, 2010, or filed between that date and July 1, 2015. Lenders must conduct an updated appraisal and homeowners must furnish personal financial information in preparation for mediation. If the principal is reduced, the lender could recoup the difference from excess funds generated by a later refinancing or sale. If there are no excess funds, the lender can seek to foreclose on the difference.
HB 125
n This bill would require lenders to notify tenants of possible foreclosure proceedings against or short sales involving a rental property; give tenants the first opportunity to buy the rental property; and use escrow funds either toward closing costs or to relocate the tenant.
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