Bill > HB5153

This bill modifies procedures related to mortgage foreclosure auctions, specifically concerning the distribution of proceeds and the assignment of redemption rights. It introduces new provisions that regulate how a homeowner's right to redeem their property after a foreclosure sale can be transferred or assigned, requiring specific disclosures, a waiting period (cooling-off period), and formal recording of these transactions to protect homeowners from potentially predatory practices. The bill also clarifies how surplus money remaining after a foreclosure sale is handled, establishing a process for claimants with subsequent liens to file claims and for the court to determine the rightful distribution of these funds, while also making the mortgagor's right to this surplus non-assignable after the foreclosure notice is published, except through inheritance.