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.