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Committee lays over bill to clarify handling of foreclosure-sale surpluses and to extend homeowner redemption time
Summary
The Committee on Judiciary, Finance, and Civil Law laid over House File 1027 after adopting an A1 author's amendment. The bill would increase notice to homeowners, limit the sheriff's role in adjudicating competing surplus claims, allow surplus funds to be applied to a homeowner's redemption, and extend certain timing windows.
The Committee on Judiciary, Finance, and Civil Law on March 11 laid over House File 1027 after adopting an A1 author's amendment that Representative West and testifiers said clarifies how sheriffs should handle surplus proceeds from foreclosure sales and increases protections for homeowners.
Supporters and attorneys who helped draft the amendment said the bill is intended to reduce litigation and confusion by improving notice, clarifying priorities among lienholders and homeowners, and extending certain redemption and post-loss-mitigation timelines.
Representative Nick West moved the bill for the purpose of laying it over and described the bill as the product of extensive stakeholder work involving sheriffs, legal aid and the real estate bar. Ron Elwood of Legal Aid told the committee the A1 amendment does three things: increase notice to homeowners, remove from sheriffs the role of acting as…
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