The bill to expedite the foreclosure process has passed its second committee, the House Justice Appropriations Committee, by a 9-2 vote. Known as House Bill 87, this bill allows third-party lien holders to start foreclosure proceedings and rushes the final judgment of foreclosure if a legitimate defense is not filed. Objections from consumer advocates fear HB 87 would put the rights of homeowners at risk but the bill also includes consumer protection provisions including forcing banks and lenders to show proof of ownership of a mortgage before they can file suit.
Borrowers Are Discovering That Their Foreclosed Homes Are Coming Back To Haunt Them — Long After They Have Moved Out
Your home has been in foreclosure, possibly for years, and the bank has finally set a sale date so you move out. You and your family are starting over in a new home and you no longer think of your old home that the bank sold. That is, until years later when a debt collector calls to tell you that you owe thousands in new debt from the home.