MORTGAGE FORECLOSURE TIME

Summary

The bill limits any action to foreclose a mortgage or other debt secured by real property to ten years after the right to act arises. It also changes the Probate Act so a court cannot order the sale or mortgage of estate property unless secured creditors agree to accept a partial payoff, and if they cannot be paid in full, the sale is not deemed necessary. The changes affect borrowers, lenders, and estates undergoing probate.

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