A controversial bill to speed up foreclosure did not pass as the lawmaker session ended. The proposal would have accelerated foreclosure proceedings on abandoned properties. And, it should make it easier for lenders to complete proceedings when both parties agreed to end the process. For consumers, the foreclosure bill would have reduced the length of time lenders could go after a borrower following a foreclosure sale from five years to one year. Proponents said the change would have allowed homeowners to get on with their lives. However, other provisions were more lender-friendly; including relaxing restrictions on foreclosing on abandoned property and limiting damages in foreclosure cases to monetary damages.
If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 954-484-9987. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
