A bill to streamline the Florida mortgage foreclosure process has advanced in the House. Although, consumer critics said the measure might not leave homeowners time to respond to this Florida foreclosure notice before it goes before a judge. Furthermore, a major concern with the bill deals with the abandonment of property. In fact, homeowners who work two or three jobs and who let their yards get messy could have their homes wrongly considered abandoned. This is if process servers can’t catch them at home. The bill allows an even faster procedure when properties have been determined to be abandoned. Moreover, sponsors of the bill have there are safeguards to ensure true abandonment of property; including that the lender must check with utility companies to see if there is discontinuation.
The bill would not apply to already decided cases, but it would apply to pending cases. In fact, HOAs, condominium associations, and others with liens on the property will have permission to initiate foreclosure proceedings. It reduces from five years to two years the time lenders have to file for a deficiency judgment after foreclosure. Moreover, it strengthens safeguards to ensure foreclosure paperwork is accurate and properly executed.
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