Rosa Schechter | Passidomo’s Proposed Fair Foreclosure Act Helps All of Us – Not Just Banks

“It’s true that in these situations, the banks would be allowed to meet a much less stringent standard in their burden of proof before legally foreclosing on a home. It’s also true that much of the “robo-signing” morass has been due to lenders not being able to meet the legal burdens of proof under current real estate law.

Nevertheless, the new law is not written to help bad actors slide away from doing the right thing.”

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Passidomo’s Proposed Fair Foreclosure Act Helps All of Us – Not Just Banks

By Rosa Schechter

December 08, 2011

Florida State Representative Kathleen Passidomo (R-Naples) has not given up on trying to get legislation passed up in Tallahassee that will help resolve that part of the ForeclosureGate mess which has created a backlog of foreclosure filings in Florida courts and an approximate 700 day turnaround time for banks seeking to foreclose on homes where no one is paying on the home loan.

Translate that: banks in Florida right now are sitting on loans that are going with NO payment for approximately 23 MONTHS before they can legally hold the collateral that was put up for the event that payments stopped coming into the bank.

Two years without getting paid and sitting in limbo, it’s no wonder that banks are in trouble these days. Which is one of the reasons for Rep. Passidomo’s bill.

Copy of full report below…

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4closureFraud.org

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Passidomo’s Proposed Fair Foreclosure Act Helps All of Us – Not Just Banks

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