Florida Governor Signs Bill to Speed Foreclosure Process
It now takes an average of 853 days to complete the foreclosure process in Florida. This number should go down under the new law.
Palm Coast, FL – June 10, 2013 – Florida Governor Rick Scott signed into law Friday a measure that is aimed at reducing the time it takes to foreclose on real estate, a process that currently takes about 853 days. If the new law works as planned, the remaining properties under foreclosure will move to market more quickly. The law took affect immediately upon Scott’s signing.
In a nutshell:
- Lenders will now have the right to ask the court to justify why a final foreclosure order hasn’t been entered
- Condominium Associations and Homeowners Associations can ask the court to speed the process.
- Lenders must provide detailed proof that they own the loan before beginning foreclosure.
- Lenders will now have only one year rather than five to seek a deficiency judgment.
- Innocent parties who subsequently purchase a foreclosed property will have added protections if they were unaware that the previous owner still had a claim to the property.
Speeding up the process
Really? The people that process the paperwork on foreclosures are under enough stress as it is, and this is another example of research gone undone by ignorant leaders. Has anyone thought of the details that Fidelity or BOA or any other institution will have to adjust because of the "rush job law" that’s been passed? Yes, eight hundred days is too long to process a foreclosed loan – but what about the the person with no ethics or care for another human being? Laws must be passed to stop money grubbers. This is a good ‘ole boy network at it’s finest – without a clear design for the people that need it and I find it deplorable.