Wednesday, March 6, 2013

The Florida Bar News reported on March 1st that HB 87 has passed the House Civil Justice Subcommittee on February 7. This bill has four important segments.

1.) It Shortens the statue of limitations for seeking a deficiency judgement from five year to one year from the date of the foreclosure sale.

2.) The defendants must show a valid reason for contesting the foreclosure or a Judge can expedite the foreclosure.

3.) Lenders must have their documents in order and complete when they file a foreclosure.

4.) Once a home is sold in foreclosure to a third party, future claims will be limited to monetary damages, should the foreclosure be found to be faulty.

The outcome of HB 87 is worth watching closely. Foreclosures are of prime importance not only to Circuit Civil & Real Estate Attorneys, but also Family Attorneys. Many divorces & family issues are delayed pending the outcome of the disposition of the marital home.