Bill passes to speed mortgage foreclosure system

Published On: Apr 29 2013 11:43:09 AM EDT
TALLAHASSEE, Fla. -

The Florida House has passed a bill aimed at speeding up the state's mortgage foreclosure system.

Rep. Kathleen Passidomo said Monday her bill would move along the foreclosure process to get homes "back into the stream of commerce." Supporters say Florida's economy would benefit.

Opponents say the bill is tilted against homeowners struggling to keep their homes.

The bill (HB 87) passed on an 87-26 vote. The Senate is considering similar legislation.

The measure would make banks prove in more detail that they own a mortgage or explain why they can't prove ownership.

The bill reduces the time that banks have to go after deficiency judgments to one year from five years. A deficiency judgment covers the difference between the foreclosure sale price and what's still owed on the loan.

Comments

The views expressed below are not those of News4Jax or its affiliated companies. By clicking on "Post," you acknowledge that you have read the Terms of Service and your comment is in compliance with such terms. Readers, please help keep this discussion respectful and on topic by flagging comments that are offensive or inappropriate (hover over the commenter's name and you'll see the flag option appear on right side of that line). And remember, respect goes both ways: Tolerance of others' opinions is important in a free discourse. If you're easily offended by strong opinions, you might skip reading comments entirely.

blog comments powered by Disqus