Florida residents may have a harder time keeping their home when in foreclosure if a bill from the state legislature is signed by the governor. One group of lawyers is happy with the bill and another will seek to overturn it in the courts. The state of Florida has the longest and slowest foreclosure process that takes about 800 days to complete. This is almost double the national average.
The bill from the legislature is meant help speed up the housing recovery. This will be accomplished by shortening the amount of time to complete a foreclosure. Clearing the backlog of foreclosed homes is a main goal of the bill. One problem that many homeowners take issue with is the language that makes the judgment for a foreclosure final and unable to be appealed. There are no exceptions in the bill for any mistakes that are made or if fraud occurs.
Shortening the time for foreclosure may lead to a bad situation for homeowners who are trying hard to make their mortgage payments. One main point of contention is that homeowners will be left with no recourse when their home is taken away. However, there is another group that is welcoming changes contained in the bill.
Community associations do not receive fees when a home is in foreclosure. They make up for lost fees by assessing higher fees to other homeowners in the association.
Homeowners who have received a letter of foreclosure from a bank or mortgage lender will require the assistance of a lawyer experienced in foreclosure proceedings. A Florida homeowner should not be subjected to foreclosure when other options may be available.
Source: WGCU, “Real Estate Lawyers Divided Over Foreclosure Speed-Up Bill“, Rick Stone, May 28, 2013