In the midst of rising foreclosures and home repossessions in Florida, a state representative hopes to introduce changes that would speed the rate at which the state processes foreclosure. The legislation, known as HB 87, would require lenders to prove they have the right to foreclose on borrowers before doing and would also allow condominium associations to speed foreclosures when lenders take too long. Many banks in the state have been accused of intentionally drawing out the foreclosure process in order to limit expenses. The average foreclosure in Florida currently takes over 600 days to complete.
Homeowner and consumer advocates have voiced strong opposition to the bill, saying it is unfair for Florida's many homeowners struggling with unaffordable mortgages and attempting to save their homes. One Florida foreclosure activist urged homeowners to contact their representatives and asked them to oppose the bill's passage into law.
The legislation does have more consumer protections than it did in its three previous incarnations, however, including a measure that would largely prevent banks from pursuing a borrower's unpaid mortgage balance even after a successful foreclosure. Lenders would have only one year to file a deficiency judgment against a borrower after a successful foreclosure, compared to the five years currently allowed by state law.
Likewise, a measure that would have allowed for quicker foreclosures on "apparently abandoned" homes has been removed from the new bill widespread complaints from homeowners and activists, who argued that it could result in lenders evicting borrowers from their homes without appropriately early notice.
Florida currently has the United States' highest foreclosure rate after filings increased by about 20 percent in 2012. According to Lender Processing Services, about one in five homeowners are currently delinquent on their home loans. However, Florida's large backlog of foreclosures means that less than half of these homeowners have received foreclosure filings.
Source: Miami Herald, "New Florida bill would speed up the foreclosure process," Toluse Olorunnipa, Jan. 4, 2012
Source: http://www.dawlawfirm.com/blog/2013/01/florida-lawmaker-hopes-to-quicken-foreclosure-process.shtml
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