Florida governor signs bill to speed up state’s foreclosure process

Read on to learn more about these changes affect florida homeowners facing foreclosure. House Bill 87 Changed Florida Foreclosures. In Florida, foreclosures are judicial, which means the lender must file a lawsuit in state court. The lender initiates the process by filing a complaint with the court and having it served to the borrower, along with a summons. If you lose the case, the court will enter a judgment of foreclosure and the property will be sold to satisfy the debt.

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The bill, HB 87, offers a slew of changes to the civil procedures governing foreclosures in Florida, where home repossessions are on the rise again. Most of the provisions are aimed at speeding up and cleaning up the foreclosure process, which takes more than 600 days to run its course in Florida.

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Governor Rick Scott Signs 34 Bills into Law Today Governor Rick Scott signed the following bills into law today: HB 77 Landlords & Tenants – This bill makes numerous changes to the "Florida Residential Landlord and Tenant Act" which governs the relationship between landlords and tenants under a residential rental agreement.

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Governor Signs Foreclosure Reform Bill into Law Florida: Governor Scott Signs HB 87 Posted on June 7, 2013 October 18, 2017 by bayshore June 7, 2013 – Florida – Governor Rick scott signed house bill 87 into law today, an ambitious piece of legislation designed to expedite the residential mortgage foreclosure process and ease the state’s formidable backlog.

The bill reduces the statute of limitations period for a lender to enforce a deficiency judgment following the foreclosure of a one-family to four-family dwelling unit from 5 years to 1 year, for any such deficiency action that commences on or after July 1, 2013, regardless of when the cause of action accrued.

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Florida Foreclosure Rescue Fraud Prevention Act of 2008 – do not give money to anyone promising to help you avoid foreclosure without a written agreement and until all services are completed! avoid foreclosure rescue scams; Recognize predatory lending

The new law brings more certainty to the state’s housing market, the governor added. It took effect immediately after Scott signed it. Florida’s foreclosure process now takes about 853 days, which is more than twice the national average. florida’s foreclosure process now takes about 853 days, which is more than twice the national average.

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New home purchases decrease 18% RealtyTrac reports foreclosure filings rise 3% in January Foreclosure Filings Rise for 26th Straight Month : NPR – Foreclosure Filings Rise for 26th Straight Month Nearly 60 percent more U.S. homes faced foreclosure in February than in the same time last year, a California research firm reported wednesday. february marked the 26th consecutive month with a national year-over-year increase in foreclosure-related filings.Inside Look: Real Estate Owned Gets Jumbo-Sized REO sales may not peak until 2013 Mortgage Loss Given Default: Loss on Sale and lost time abstract. The peak of the distribution is for losses of 40 to 50 percent. However, Loans with losses and a recorded sale that are not reo may be short sales (the borrower sells the property but does not cover all the losses), complete sales (the borrower sells the property and.Read the latest real estate news, find homes for sale, and get advice from leading real estate experts for homebuyers, homeowners and sellers.. You have blocked notifications from Aol.com.