Florida Rep. Introduces Bill to Expedite Foreclosure Process

The state with the highest foreclosure rate in the nation may experience a change in its foreclosure laws that will help speed up the process in order to reduce some of the backlog of properties making their way through the pipeline.

[IMAGE]

""Rep. Kathleen Passidomo"":http://www.kathleenpassidomo.com/ (R-Naples) introduced ""H.B. 87"":http://www.myfloridahouse.gov/Sections/Documents/loaddoc.aspx?FileName=_h0087__.docx&DocumentType=Bill&BillNumber=0087&Session=2013 last week to expedite the state's lengthy foreclosure process through several tweaks to the current law.

[COLUMN_BREAK]

Florida has had the highest foreclosure rate for three consecutive months and has been one of the top-ranked states for quite some time, according to the latest foreclosure report from ""RealtyTrac."":http://www.realtytrac.com/home/ Two of the top five cities with the highest instances of foreclosures are in Florida â€" Miami and Jacksonville--according to RealtyTrac.

A bill with similar goals was introduced in the state about a year ago and met with ""opposition"":http://www.tampabay.com/news/business/realestate/faster-foreclosures-could-be-coming-to-florida/1215881 from state residents. In February, dozens of residents protested the previous law at the state capitol.

Under the newly proposed law, in order to pursue foreclosure, a mortgage lender must confirm they have all the necessary paperwork giving them the right to foreclose.

When a discrepancy occurs and a homeowner sues a lender for wrongful foreclosure, the new law allows the borrower to incur only monetary damages. Borrowers cannot reclaim their home.

The new law also has provisions for condo associations. When a condo association feels a bank is moving too slowly to pursue foreclosure, the association may take certain measures to speed up the process in order to minimize its losses.