Vote Smart's Synopsis:

Vote to pass a bill that requires the titles of foreclosed properties to be conclusive after 3 years.

Highlights:

• Authorizes an affidavit recorded during the resale of a property to be used as conclusive evidence that the foreclosing lender is in compliance, giving others 3 years to challenge that (Sec. 2).

• Establishes a 3-year limitation on when a home’s former owner can dispute the title (Sec. 2).

• Exempts an affidavit from a foreclosure sale if legal action has begun to challenge the validity of the foreclosure sale or if a counterclaim has been asserted by any party occupying the mortgaged premise as their primary residence before, on, or 60 days after the 3-year deadline (Sec. 2).

• Specifies that this act applies to recorded affidavits retroactively (Sec. 4).

Full Bill Text