The bill amends the Revised Judicature Act of 1961 by updating the procedures for mortgage foreclosure notifications and the rights of mortgagors. It specifies that notice of foreclosure must be given by publishing in a local newspaper for four consecutive weeks, and if no local newspaper exists, in an adjacent county's newspaper. Additionally, it introduces new requirements for the recording of a true copy of the notice with the register of deeds and mandates that a copy of the notice be posted on the mortgaged premises.

Furthermore, the bill establishes that if a mortgagor or related parties convey the mortgaged property after the foreclosure notice is recorded but before the redemption period expires, the conveyance is invalid unless it includes a notice of rights. This notice must inform the seller of the rights they will forfeit upon sale, including the right of redemption, the right to occupy the property during the redemption period, and the right to any surplus proceeds from a potential auction. Lastly, the bill requires that if a scheduled sale is canceled, a notice of cancellation must be recorded within 30 days.

Statutes affected:
House Introduced Bill: 600.3208