Big banks and mortgage lenders are fighting back with new legislation in an effort to defeat homeowners in the foreclosure process. The Fair Foreclosure Act of 2012 will be voted on today and if passed would essentially prevent homeowners from defending themselves if their home is foreclosed upon. It would also dissolve past lending and misconduct of banks, which created many of our country’s economic problems in the first place.
Some of the most disturbing provisions of the act include:
• Non-judicial foreclosures, where the loan balance exceeds 120% of the property value.
• Fast tracking of foreclosure cases once filed.
• Court must enter a judgment within 45-90 days for uncontested foreclosures.
• Automatic return of Promissory Note to lender upon dismissal of foreclosure.
• Challenges to set aside wrongful foreclosures may only seek money damages and not quiet or disturb the title held by the bank or later buyer.
• Sales of foreclosed property founded upon Lost/Destroyed Promissory Notes cannot be challenged by the true holder of the Promissory Note.
This proposed legislation takes away an individual’s right to due process, by excluding the courts from the foreclosure process. If you oppose this bill, it is important that you voice your concerns by going to www.myfloridahouse.gov.
To read more on the bill, visit: http://www.myfloridahouse.gov/Sections/Documents/loaddoc.aspx?FileName=_h0213c1.docx&DocumentType=Bill&BillNumber=0213&Session=2012
Choosing the right attorney can make the difference between whether or not you can keep your home. A well qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
