Bill Title: Amends the Mortgage Foreclosure Article of the Code of Civil Procedure. Defines "omitted subordinate interest". Provides that certain persons holding real estate encumbered by an omitted subordinate interest may file a strict foreclosure complaint consisting substantially of certain specified information. Provides that subject to the objection of the defendant, the court shall enter a judgment extinguishing the omitted subordinate interest by vesting absolute title to the mortgaged real estate in the plaintiff. Provides procedures by which a holder of an omitted subordinate interest may redeem the interest. Provides that a person whose omitted subordinate interest was not terminated by a prior foreclosure action does not have a right to file a strict foreclosure action. Effective immediately.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Passed) 2014-08-26 - Public Act . . . . . . . . . 98-1099 [SB2730 Detail]

Text: Latest bill text (Chaptered) [HTML]

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