Florida, the state with the highest foreclosure rate in the country possibly will see a modification in its foreclosure laws that will facilitate the process. This bill attempts to reduce the backlog of foreclosure properties.
Florida has had the highest foreclosure rate for three straight months and has been one of the top-ranked states for a long time, based on the latest foreclosure report from RealtyTrac. RealtyTrac also reported that 2 of the 5 top cities with the highest cases of foreclosures are in Florida – Miami and Jacksonville.
Florida Republican State Representative Kathleen Passidomo (R-Naples) presented H.B. 87 last week to accelerate Florida’s prolonged foreclosure process through a number of modification to the existing law.
Under the newly introduced law, in order to seek foreclosure, a lender must provide all the required documents that shows they have the right to foreclose.
If and when the homeowner sues a mortgage company for
When a discrepancy occurs and a homeowner sues a lender for unlawful foreclosure, the new bill allows the borrower to receive monetary damages but cannot reclaim their home.
This new bill also gives certain authorities to condo associations. If the bank moves too slow on the foreclosure proceeding, the condo association is allowed to pursue foreclosure. The association can take actions to facilitate the foreclosure close so it can reduce its loss.
This is a good indicator that the Congress is attempting to address the Foreclosure crisis in Florida. The hope is that the same bill can propagate to the rest of the country and not just Florida alone. In addition to reducing the time frame of Foreclosure, more laws should be passed to reduce the lengthy interval of short sale in order to help to nip the housing crisis in the bud.