Provides that a judgment of sale as a result of an action to foreclose a mortgage shall direct the mortgaged premises to be sold within forty-five days of the date of the judgment.
Provides that a default judgment against a defendant in a foreclosure action does not need to be vacated in order for the defense of lack of standing or expiration of the statute of limitations to be raised by the defendant.
Defines the term "satisfaction" in relation to the satisfaction of judgments; allows satisfaction of judgments to be filed by affirmation rather than after notarization; increases the time during which attorneys may file satisfaction of judgment from ten to twenty years; clarifies that the twenty-day time limit applicable to filing satisfactions of judgment is measured in business days.
Clarifies provisions governing when foreclosure actions are deemed abandoned for failure of a plaintiff to timely seek a default judgment; governs when foreclosure actions are deemed terminated for purposes of the savings clause permitting actions to be recommenced following termination of a prior action and be deemed timely; governs the finality of dismissed or discontinued residential foreclosure actions.