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Florida Foreclosure Bill Signed Into Law

hispanicbusiness.comJune 13, 2013

A foreclosure bill emerged from Florida's legislature and found its way to the governor's desk. The new law expedites foreclosures on abandoned properties and reduces the window of time for lender to obtain a deficiency judgment.

Florida Gov. Rick Scott was busy on Friday, signing 34 state bills into law -- including a bill known as HB 87.

HB 87 relates to residential foreclosures in the Sunshine State -- where more foreclosures were filed and completed than any other state during May, according to statistics provided by RealtyTrac.

Calling the state's housing market "important to our economy's continuous recovery," Scott said in a transmittal letter that the new law will move abandoned homes onto the market while enabling distressed borrower to move forward with financial recovery and re-establishing their credit.

HB 87 expedites an existing voluntary alternative court process for defaulted mortgages in uncontested cases where both the borrower and the lender seek to quickly resolve the loan.

The bill reduces the amount of time that a mortgage servicer has to file a deficiency judgment. In addition, lenders will be required to certify that they possess the note before filing a civil action.

The governor said that third-party purchasers of foreclosed homes are protected by the bill.

Mortgage servicers face more resistance from Florida judges and appellate courts than other states, with borrowers often moving forward in trial cases or obtaining reversals of decisions in favor of lenders on appeal.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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