Public Trustee Deed Of Trust Foreclosure Sales

Foreclosures - deed of trust. The act modifies and clarifies certain aspects of the foreclosure process on property encumbered by a deed of trust as follows:

• Eliminates the authority of the attorney for a holder of an evidence of debt (holder) to specify the newspaper used to publish foreclosure notices;
• Allows an amended combined notice to be omitted in a specified circumstances when the notice is provided by the public trustee conducting the foreclosure;
• Modifies the amount of the deposit required for the fees and costs of the public trustee;
• Omits a statement notifying borrowers of their ability to file a complaint if they believe a lender or servicer has violated certain requirements from the portions of a combined notice that must be published;
• Makes changes to the bid form used by holders;
• Clarifies the amount to be paid to the officer if the holder bids an amount that exceeds the amount due to the holder;
• Further specifies and modifies the procedures for restarting a foreclosure proceeding when a property is subject to a federal bankruptcy case or if a sale has been enjoined or set aside by a court; and
• Specifies the interest and other amounts that may be charged by the holder of a certificate of purchase when property is redeemed.
  (Note: This summary applies to this bill as enacted.)