On Friday, June 7, 2013 Governor Rick Scott signed the controversial ‘fast track’ foreclosure bill. The bill is the first substantial change to Florida foreclosure laws since the burst of the real estate bubble in 2007, which pushed thousands of homeowners into default and overwhelmed the court system with foreclosures.
HB 87 requires homeowners to respond more quickly to foreclosure filings and gives community associations more power in the process. The bill, sponsored by Sen. Jack Latvala and Rep. Kathleen Passidomo, also requires lenders to have their paperwork in order before filing a foreclosure complaint. And it cuts the time period in which banks can seek a deficiency judgment against homeowners to one year from five.
Scott, along with other supporters of the bill believes it will help Florida’s economic recovery ‘by placing abandoned homes, caught up in the foreclosure backlog, back on the market.’
A major concern of opponents is the provision that gives homeowners only monetary damages if their home is foreclosed on fraudulently. The measure is meant to protect third-party buyers from losing the home after purchase, bill sponsors said. But defense attorneys and other opponents say the measure erodes time-honored property rights and is unfair to homeowners.
The law will also allow any lien holder, including community associations, to request a so-called “show cause” order that would require homeowners to present a defense more quickly and give the judge the ability to make a faster ruling.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website, www.miamibankruptcy.com.