Sam Gendusa August 12, 2013

HB 87, or the Florida Fair Foreclosure Act, became law this July, changing the foreclosure landscape in Florida. At a glance, the new law has been put in place to speed up the foreclosure process, applying to all pending foreclosures and any case filed on or after July 1, 2013.

A faster foreclosure process means a few things for the Florida homeowner undergoing foreclosure. This gives the homeowner less time to explore loss mitigation alternatives, work out modifications, prepare for life transition, and complete a short sale. This post includes brief explanations of the law’s key elements and how it may have an effect on Florida homeowners.

  • The act made expansions to the law, which now an involve homeowner, mortgage holders, and condominium associations.
  • >A provision is included to define the finality of foreclosure circumstances that limit relief to monetary damages.
  • Additional pleading requirements were added to the party filing the foreclosure.
  • A provision was added that the Plaintiff can request the Court require mortgage payments be made.
  • The time has been reduced from five years to one year for how long a foreclosing lender can seek deficiency judgment.

In addition to HB 87, Florida Legislature approved $200 million from the National Mortgage Settlement. About $16 million of this went toward helping clear backlogged foreclosures by hiring additional judges. Experts are anticipating a noticeable decrease in the time it will take to foreclose on a home in Florida.

With the laws tightening and the time decreasing, it’s more important than ever to trust your vendors and legal advice counselors. Blue Streak Docs is an experienced document retrieval company. “I can’t find it” is not in our staff’s vocabulary! We specialize in document recording, property reports, title searches, and any other document need a mortgage professional or real estate attorney may have. For more information about our services, contact our talented team at 727-479-0007.

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