REAL PROPERTY FORECLOSURE CHANGES
REAL PROPERTY FORECLOSURE CHANGES
A new law will take effect on January 1, 2025, making changes to real property foreclosures:
- 1. Enhanced Notice Requirements: Borrowers must now receive clearer and more comprehensive notices regarding the foreclosure process, including detailed information about their rights, the timeline of the proceedings, and the potential consequences of default.
2. Increased Transparency in Bidding: Going forward, all bids in foreclosure auctions must be publicly disclosed, promoting fair competition and discouraging any potential collusion among bidders to ensure that properties are sold at fair market value.
3. Changes to Sale Methods: Sales can be conducted by online platforms for auctions, aiming to broaden access to potential buyers and increase participation in the bidding process.
4. Stricter Guidelines on Broker Conduct: Real estate brokers involved in foreclosure sales must adhere to heightened standards of conduct, including avoiding conflicts of interest and ensuring full disclosure of their relationships with buyers.
With enhanced notice requirements and increased transparency, real property owners facing foreclosure will have better access to information and resources to navigate the process. This can empower owners to explore alternatives and avoid unnecessary loss of property.
Epps & Coulson helps our clients stay informed and to adapt strategies to meet legal requirements and business objectives. Epps & Coulson, LLP’s dedicated professionals are available to help you navigate all your business, employment and real estate matters. Contact Dawn Coulson at: dawn@eppscoulson.com with your questions.
EPPS & COULSON, LLP
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Information contained in this Memo is intended for informational and educational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney. It is likely considered advertising. Epps & Coulson, LLP encourages you to call to discuss these matters as they apply to you or your business. Epps & Coulson, LLP has staff licensed in France and affiliated Counsel offices in New York and Connecticut with lawyers also admitted in Connecticut, District of Columbia Massachusetts (pending), New Jersey, Hawaii, European Union, England and Whales, France (Paris Bar) and Sweden.