Bill > HB5152

This bill modifies the process for mortgage foreclosures, specifically concerning how notice is given and how certain transactions are handled during the foreclosure period. It requires that before a mortgage foreclosure notice is published, a copy must be recorded with the register of deeds and, for residential properties, posted on the property itself within 15 days of the first publication. The bill also introduces new protections for homeowners selling their property while it's under foreclosure, requiring buyers (grantees) to provide a detailed "notice of rights" to the seller (grantor) at least seven days before any sale documents are signed, outlining the rights the seller is forfeiting, such as the right of redemption. If a buyer fails to provide this notice or violates the seven-day "cooling-off period," they can face significant financial penalties, including double the damages if the violation is deemed willful, plus attorney fees, and a daily penalty for failing to record the sale documents and notice of rights within 30 days. Finally, if a foreclosure sale is canceled, the party foreclosing must record a notice of cancellation within 30 days.