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Relating to the release of a judgment lien on homestead property.
No significant fiscal implication to the State is anticipated.
HB 3115 would revise the timeframe for a judgement debtor to send notice to a judgement creditor of an affidavit attesting that a property is their homestead in order to have a lien removed. As long as the statutory procedures are followed, a bona fide purchaser or a mortgagee for value may conclusively rely on the affidavit for a 90 day period.
Under current law it is difficult for a judgement debtor to remove a judgement lien on their property, even if the property is a homestead and therefore can't be foreclosed on by a debt collector. This in turn makes it harder to sell a homestead property because of the difficulty in removing the lien. By granting the judgement debtor's affidavit and certificate of mailing a 90 day grace period where they are considered conclusive, a judgement debtor can sell the property during those 90 days regardless of a lien.
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