Monday, May 6, 2013

Florida Faster Foreclosures

Florida lawmakers sent Gov. Rick Scott a bill Friday that is aimed at speeding up the residential mortgage foreclosure process in a state where the real estate market went into a tailspin during the national housing crisis. (HB 87)

The bill cleared the Senate on a 26-13 vote on the final day of the Legislature's 60-day session. It passed the House recently 87-26.

One key provision would reduce from five years to one year the amount of time for banks to go after foreclosed homeowners on deficiency judgments. Deficiencies are the difference between the money obtained from selling a foreclosed home and what the original homeowner still owes on it.

Homeowners could have limited time to show "a genuine issue of material fact or law" to avoid foreclosures.