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Faster foreclosures bill clears House in 87-26 vote

Supporters said the bill would help return Florida’s real estate market back to
normalcy after six years of problems.

number one in foreclosures,” Rep. Charles
R-Jacksonville. “And that’s not a distinction we wish to have.”

The bill states that homeowners
who lose their home in a fraudulent foreclosure cannot get it back if another
party bought the property from the bank. The “show cause” provision would allow
condom associations to speed up the foreclosure process on homeowners who have
not paid their condo dues.

Opponents pointed to the “show
cause” proposal as a potential assault on the due process rights of homeowners.

Passidomo defended the bill was a
consumer-friendly attempt to clean up the foreclosure process, which has been
plagued by fraud and delays.

The bill would also restrict banks’
ability to go after homeowners for additional debts after a foreclosure—cutting
down the statute of limitations from five years to one year. The proposal makes
banks prove they have the necessary documents before they file a foreclosure.

According to RealtyTrac,
Florida ranks as the top state in the nation
for foreclosures and seven of the top 10 cities in the U.S. are in Florida.

Part of the reason for the high foreclosure rate
is the lengthy judicial foreclosure process in Florida, where banks must go to court to
repossess a delinquent property.

Florida’s average foreclosure process takes 853 days, ranking only
behind New York and New Jersey. The national average is 414

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