Florida House Bill 213..what will it mean for us?

[jimisbroke]

I am hearing quite a bit about HB 213 and am curious if anyone knows how much more quickly foreclosures will speed up? We will be filing and surrendering our home sometime in June. We stopped paying our mortgage in December. Since we are responsible for the house til it's out of our name we are going to stay in it as long as possible and were hoping that would be until the following summer. Any opinions?

[tobee43]

The bill (HB 213) passed Wednesday by a vote of 94-17.

Proponents want to cut down on the backlog of Florida's foreclosure cases but critics say a speedier process will be unfair to people about to lose their homes.

The measure also has consumer-friendly provisions. It shortens to one year the time for a bank to go after any balance owed after the foreclosure sale of an owner-occupied home.

Backers say the bill is directed at homes that have been abandoned or where the property owner has no valid defense.

A companion bill (SB 1890) is in the Senate

.

sounds terrible...everything for the banks. but let's hope it's used many to implement the abandoned properties first?

[justbroke]

The Florida Senate has a companion bill. The Senate approved their bill, and now it will need to be reconciled before it goes to the Governor for signature. Best case is that it is voted on during the Summer session.

As for foreclosures, the key section for buyers is about having to "produce the note" at the time of the foreclosure lawsuit (lis pendens). It would allow the lender to just "affirm" that they actually have the note and are entitled to enforce the provisions of the mortgage (deed of trust) rather than having to attach the original to the complaint.

The new streamlined foreclosure process has some limitations that I'm not familiar with. As the bills become reconciled, I will need to take a look. This really doesn't change anything when it comes to standing. The new affidavit requirements only help to streamline the process but if the lender doesn't have standing, that can be raised as an affirmative defense.

Right now, I'm not worried about the impact. It appears that it's nothing more than a statutory nod to the "rocket docket". However, I don't think it will stop the banks from RoboSigning or filing false affidavits. In fact, I think more false affidavits are possible under this scenario!

[tobee43]

Right now, I'm not worried about the impact. It appears that it's nothing more than a statutory nod to the "rocket docket". However, I don't think it will stop the banks from RoboSigning or filing false affidavits. In fact, I think more false affidavits are possible under this scenario!

really hope your right jb!

[justbroke]

Right now, foreclosures in Florida are averaging 600+ days. I know of some that have been in process over 750 days or more. They are just trying to get the backlog back down. However, once the backlog is done, foreclosures should be back around 180-270 days after default.

[tobee43]

Right now, foreclosures in Florida are averaging 600+ days. I know of some that have been in process over 750 days or more. They are just trying to get the backlog back down. However, once the backlog is done, foreclosures should be back around 180-270 days after default.

agreed, i'm certain there are even some over the 750 days! actually this didn't happen in florida but one family was in there home in ny state for over 8 years! and, still the bank hadn't foreclosed.