HB0112

Official summary

2005 General Session Summary for HB0112 Bill No.: HB0112 Drafter: JHR LSO No.: 05LSO-0132 Effective Date: 7/1/2005 Enrolled Act No.: HEA0125 Chapter No.: 228 Prime Sponsor: Representative Illoway Catch Title: Foreclosure sale proceeds. Subject: Real estate foreclosure sales. Summary/Major Elements: This Bill: Defines "omitted party" and "interested party" for purposes of notice requirements in foreclosure sales; Allows notice to be published in any newspaper of general circulation in the county of the sale; Specifies which parties must be present at a sale, including the foreclosing mortgagee or lienholder, judgment creditor, or an authorized agent of the apropriate party; Specifies the sheriff is not considered the authorized agent of the foreclosing party; Requires the notice to state that other liens or mortgages may exist on the property being sold, which liens or mortgages may not be extinguished by the sale; Specifies which parties are to be provided notice of the sale, including the person in possession, the record holder of title and all mortgagees and lienholders; Requires sale results to be provided to subordinate mortgagees or lienholders, if surplus proceeds exist after satisfying the foreclosing mortgagee; Amends time of public sale from 9:00 a.m. to 10:00 a.m.; Specifies that a sale not in compliance with the sale requirements is void; Provides for postponement of a sale if a necessary party is not present; Provides the act is applicable to real estate foreclosures and execution sales begun on or after July 1, 2005.