House Bill 1387 was signed, with effective dates of July 1st 2006 and July 1st 2007.  The vast expanse of House Bill 1387 required the legislature to split the effective dates of this new legislation allowing proper training and time for system changes prior to its implementation.  The new foreclosure statutes will significantly lengthen the owner’s time to cure the default within the same overall time period by exchanging the owner’s post sale redemption period for an extended cure period.  The Bill sponsors and legislators hope this change will assist home owners in foreclosure with getting back on their feet and allow them more time to cure their default, without lengthening the overall process.  The July 1st 2006 provisions although mostly administrative, carry with them some significant penalties or consequences if not watched carefully.