What could be bad about streamlining the foreclosure process in Florida? Especially when we have so many homes in Florida currently in foreclosure. Well...a lot, actually. The fact that the foreclosure process can take so long has always been a benefit to the homeowners because it gives both the homeowner and their foreclosure defense attorney time to prepare legal documents and paint an accurate picture of the person's financial situation.
The ability of a foreclosure defense attorney to prolong the foreclosure process has always benefited the homeowner by providing ample time to present a loan modification plan to the lender in hopes that the foreclosure process could be stopped and the homeowner could keep their home.
The House is currently proposing a bill in Florida to modify the process of foreclosure and streamline it making it easier for banks to push foreclosure's through the court systems. The bill is currently on its way to the House and the Senate after a 6-4 vote on Monday in a meeting of the Senate Banking and Insurance Committee.
Another part of the proposal (SB1890) would be to more clearly define "abandoned homes." For years, Florida has recognized that many homeowners here rent properties to vacationers or use their homes for other purposes besides their primary residence and has defined that the absence of occupancy in your home does not mean it is "abandoned."
There are currently a back logged 368,000 foreclosure cases in the state of Florida and forcing them through the legal system isn't necessarily the best way to make them go away, as we learned last year with the controversial "robosigning" of foreclosure cases.
With 14 percent of home loans in foreclosure, the highest in the nation, there is no doubt we have a foreclosure crisis on our hands in Florida. However, there are better ways to deal with this problem than rushing cases through the system and increasing the amount of people displaced from their homes. The Florida foreclosure bill to streamline the foreclosure process will make it's way to the House and Senate and if passed will take effect starting July 1, 2013.
A lawyer is your best line of defense when facing foreclosure on your home. A foreclosure defense attorney can provide options for your case including a principal reduction, loan modification, and lower interest rate. A lawyer can work with your individual case and work with your bank to keep in your home even if a sale date has been set.
