An Act to amend the foreclosure statute to require judicial foreclosure

This bill requires that all foreclosures on owner-occupied residential homes with one to six units be handled through the court system rather than by private sale. Under the new rules, lenders must file a lawsuit in the local Superior Court, and if they cannot serve the borrower directly, they must also publish notice and send mail. During the legal process, borrowers can raise defenses and ask the judge to cancel or change the loan terms based on specific state laws, while the court must record any decisions that declare previous sales invalid. The legislation does not alter the rights of tenants or other legal occupants living in the property.