House Bill 87 (HB 87), an act relating to foreclosures (the “Act”), has been signed into law, effective July 1, 2013. The Act affects:
1. The statute of limitations and recoverable amounts in an action to enforce a claim for deficiency judgment;
2. Pleading requirements for foreclosure complaints;
3. The quality of title of a foreclosed property sold to persons unrelated to the mortgagee or mortgagor; and
4. Adequate protection for actions to enforce lost, stolen or destroyed promissory notes.
The Act is remedial in nature and applies to all mortgages encumbering real property and all promissory notes secured by a mortgage...
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