Gov. Rick Scott signed a bill Friday designed to
speed up foreclosures
in
Florida, but critics say the measure is unfair to homeowners.
in
Florida, but critics say the measure is unfair to homeowners.
HB 87
requires homeowners to respond more quickly to foreclosure filings and gives community associations
more power in the process.
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.
to
one year from five.
Condominium
associations across Florida were devastated financially during the housing bust
when owners fell into foreclosure. That forced the remaining owners to make up
shortfalls in monthly maintenance dues, and many of
those owners became delinquent on their mortgages as
a result, Berger said.
No comments:
Post a Comment