HB 87 | Kathleen Passidomo Files New (un)Fair Foreclosure Bill in Florida

Florida Fair Foreclosure Act

“For their part, banks get a bit of a gift in the bill as well. If a lender forecloses on a home and later is sued for doing so wrongfully, the lender can only be forced to pay monetary damages. That means the homeowner can’t get his or her house back.”

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New ‘faster foreclosure’ bill filed

A “faster foreclosures” proposal that faced sharp consumer outcry and protest last year has resurfaced in a more moderate form this year, with a new bill filed by Rep. Kathleen Passidomo, R-Naples, Thursday.

The bill, HB 87, offers a slew of changes to the civil procedure governing foreclosures in Florida—the state with the highest foreclosure rate in the country.

Most of the provisions appear to be aimed at speeding up and cleaning the foreclosure process, which currently take  more 600 days to run its course in Florida.

The bill would require mortgage lenders to certify that they have the correct paperwork proving they have the right to foreclose. Paperwork problems gummed up the foreclosure system in Florida and across the nation in 2010 and 2011, leading to a massive $25 billion mortgage settlement with banks accused of using faulty documents to foreclose on homeowners.

The bill also gives condominium associations the ability to speed up the foreclosure process when a bank is moving too slowly. Condo associations have been forced to shoulder significant maintenance costs while banks carry out foreclosures. Banks have been accused of purposefully slowing down the process in order to limit their costs.

Rest here…

Copy of the bill below…

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4closureFraud.org

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General Bill   by Passidomo
Mortgage Foreclosures: Revises limitations period for commencing action to enforce claim of deficiency judgment after foreclosure action; provides for applicability to existing causes of action; specifies required contents of complaint seeking to foreclose on certain types of residential properties; authorizes sanctions against plaintiffs who fail to comply with complaint requirements; requires court to treat collateral attack on final judgment of foreclosure on mortgage as claim for monetary damages; prohibits court from granting certain relief affecting title to foreclosed property; provides for construction relating to rights of certain persons to seek relief or pursue claims against foreclosed property; limits amount of deficiency judgment; revises class of persons authorized to move for expedited foreclosure; provides requirements & procedures with respect to order directed to defendants to show cause; provides failures by defendant to make filings or appearances may have legal consequences; requires court to enter final judgment of foreclosure & order foreclosure sale; provides for liability of persons who wrongly claim to be holders of or entitled to enforce a lost, stolen, or destroyed note & cause mortgage secured thereby to be foreclosed.
Effective Date: upon becoming a law
Last Event: Filed on Thursday, January 03, 2013 10:05 AM

 

 

Florida (un)Fair Foreclosure Act

Comments
3 Responses to “HB 87 | Kathleen Passidomo Files New (un)Fair Foreclosure Bill in Florida”
  1. Kathleen Burt says:

    It’s certainly in the interests of senior citizens to take action via e-mail to Ms Passidomo and/or Rally in Tally. Some of us have few active years remaining to restore our equity if we lose our homes, and appreciate this post.

    It’s certainly in the interests of senior citizens to know their rights and take action, through Rally in Tally and/or emailing Ms Passidomo. When they lose their equity, they have very few active years left to restore it. My husband and I appreciate your posting this on the site,

  2. Matt says:

    Either way it takes a while as is…many I would tend to think don’t care or don’t even know their own rights, or just don’t want to take the necessary action(s).

  3. Matt says:

    Condo associations at least should have a decent right to speed up their end on foreclosures when the banks fail to act, as many units are vacated.

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