State Supreme Court Makes it Tougher for Lenders to Foreclose
The court says lenders are now required to verify they own loans before they file a foreclosure lawsuit. And lenders can no longer charge the homeowner for that investigation.
Palm Coast, FL – February 15, 2010
By SHANNON BEHNKEN | The Tampa Tribune
Published: February 15, 2010
TAMPA – The Florida Supreme Court continues to make it more difficult for lenders to foreclose in the Sunshine State.
The court says lenders are now required to verify they own loans before they file a foreclosure lawsuit. And, according to the court order, lenders can no longer charge the homeowner for that investigation.
This follows the court’s order in late December that requires lenders to offer owners of primary residences a chance to negotiate with a third-party mediator before moving forward with foreclosure.
Florida has the nation’s fourth-highest foreclosure rate, and the court estimates about 456,000 foreclosure cases are clogging the state’s court system.
The new rules are an effort to help the courts better manage foreclosure cases and make sure lenders have tried to modify loans before taking back homes.
Better late than never
But, it still doesn’t solve the basic problem of declining values. It all goes back to JOBS. Obama administration says they are now creating 95,000 jobs a month. It would be nice if some were in Flagler county.