Bill passes to speed mortgage foreclosure system
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.