Florida Foreclosure Bill Advances…
Written by Emil Fleysher | March 4, 2012 | Foreclosure
A bill to streamline Florida’s mortgage foreclosure process has advanced in the House, although consumer critics said the measure might not leave homeowners time to respond to a foreclosure notice before it goes before a judge. A major concern with the bill deals with abandonment of property. Homeowners who work two or three jobs and who let their yards get messy could have their homes wrongly considered abandoned if process servers can’t catch them at home. The bill allows an even faster procedure when properties have been determined to be abandoned. Sponsors of the bill have there are safeguards to ensure a property is truly abandoned, including that the lender must check with utility companies to see if those have been discontinued.
The bill would not apply to already decided cases, but it would apply to pending cases. HOAs, condominium associations, and others with liens on the property will be allowed to initiate foreclosure proceedings. It reduces from five years to two years the time lenders have to file for a deficiency judgment after a foreclosure and strengthens safeguards to ensure foreclosure paperwork is accurate and properly executed.
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