Public Trustee Deed Of Trust Foreclosure Sales

The bill modifies and clarifies certain aspects of the foreclosure process on property encumbered by a deed of trust as follows: Eliminates the authority of the attorney for a holder of an evidence of debt (holder) to specify the newspaper used to publish foreclosure notices; Allows an amended combined notice to be omitted in a specified circumstances when the notice is provided by the sheriff or public trustee conducting the foreclosure (officer); Modifies the amount of the deposit required for the fees and costs of the public trustee; Omits a statement notifying borrowers of their ability to file a complaint if they believe a lender or servicer has violated certain requirements from the portions of a combined notice that must be published; Makes changes to the bid form used by holders; Clarifies the amount to be paid to the officer if the holder bids an amount that exceeds the amount due to the holder; Prorates the amount of insurance premiums that may be claimed as costs; Further specifies and modifies the procedures for restarting a foreclosure proceeding when a property is subject to a federal bankruptcy case or if a sale has been enjoined or set aside by a court; Specifies the interest and other amounts that may be charged by the holder of a certificate of purchase when property is redeemed; and Clarifies the procedure for junior subsequent lienors to redeem a property.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More