New Florida Foreclosure Bill gets mixed reaction

This past month, state law makers attempted to speed up the foreclosure process. The proposed bill, HB 87, calls for changes that affect both the homeowners and the lenders.

The first measure that was passed tries to speed up the process. Currently, the foreclosure process takes an average of 853 days. But if filed correctly, foreclosures could not take as little as 45 days, giving homeowners little time to hire an attorney to adequately defend themselves.

In addition, if the sale of the foreclosed home did not make up for the unpaid balance of the loan, lenders can pursue a judgment against the homeowner. The bill now gives lenders one year instead of five years to pursue judgment against a homeowner. Anthony DiMarco of the Florida Bankers Association was quoted as saying that the group wants at least two years to pursue those judgments.

A second component to the new bill is the requirement of lenders to have all of the proper paperwork for the loan, including notes, ready when they file a complaint. This is especially crucial due to the large number of fraudulent foreclosures in the past in the notorious “robo-signing” scandal.

According to the Sun Sentinel, in the fall of 2010, some bank employees admitted under oath that they signed off on thousands of foreclosure cases nationwide without knowing the details. In some cases, banks and law firms recreated loan documents — and hired someone to sign them — because the originals could not be found.

This new bill will keep both the homeowners and the lenders on their toes. If you think you have received a foreclosure notification from your lender, call Adams and Associates, PA for a free consultation at 1-888-724-9860.This past month, state law makers attempted to speed up the foreclosure process. The proposed bill, HB 87, calls for changes that affect both the homeowners and the lenders.

The first measure that was passed tries to speed up the process. Currently, the foreclosure process takes an average of 853 days. But if filed correctly, foreclosures could not take as little as 45 days, giving homeowners little time to hire an attorney to adequately defend themselves.

In addition, if the sale of the foreclosed home did not make up for the unpaid balance of the loan, lenders can pursue a judgment against the homeowner. The bill now gives lenders one year instead of five years to pursue judgment against a homeowner. Anthony DiMarco of the Florida Bankers Association was quoted as saying that the group wants at least two years to pursue those judgments.

A second component to the new bill is the requirement of lenders to have all of the proper paperwork for the loan, including notes, ready when they file a complaint. This is especially crucial due to the large number of fraudulent foreclosures in the past in the notorious “robo-signing” scandal.

According to the Sun Sentinel, in the fall of 2010, some bank employees admitted under oath that they signed off on thousands of foreclosure cases nationwide without knowing the details. In some cases, banks and law firms recreated loan documents — and hired someone to sign them — because the originals could not be found.

This new bill will keep both the homeowners and the lenders on their toes. If you think you have received a foreclosure notification from your lender, call Adams and Associates, PA for a free consultation at 1-888-724-9860.

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