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Servicing / The Ticker

Bill to speed up Florida foreclosures gains momentum

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A controversial foreclosure bill is gaining traction in Florida's House of Representatives. The bill, which is an attempt to reduce the 853-day foreclosure process in the state passed the House Civil Justice Committee in Florida.

Here is the Orlando Sentinel's summation of the bill:

The proposal, HB 87, would give lenders only one year – instead of the current five – to pursue a judgment against the homeowner if the sale of the foreclosed home fell short of the amount still owed on the loan. It would also require lenders to have all the required paperwork such as loan notes when they file a foreclosure complaint.

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