Foreclosure filings have continued to head downward in Florida's Palm Beach County as lenders look to comply with a new law. Ironically, the law was designed to "fast track" foreclosures in the Sunshine State, but has had the opposite effect. Filings in September fell to just 547 in the county, down from 1,125 one year earlier. Per the Palm Beach Post:
September was the third full month for the law, which was dubbed the fast-track foreclosure law because it allows any lienholder to request a quickie court proceeding.
But the legislation, which took effect July 1, also requires to lenders to have the notes when they file the foreclosure, or provide proof of how and when the note was lost.