Fla. House sets up foreclosure bill for vote
Fla. House sets up mortgage bill for vote, aims to speed up state's foreclosure process
TALLAHASSEE, Fla. (AP) -- The Florida House has set up for final passage a bill that aims to speed up Florida's mortgage foreclosure system.
House members discussed the bill (HB 87) on Friday.
It would make banks prove in more detail that they own a mortgage or explain why they can't prove ownership.
The bill also reduces the time that banks have to go after deficiency judgments to one year from five years. A deficiency judgment covers the difference between the foreclosure sale price and what's still owed on the home loan.
But the measure would also allow others besides mortgage-holders to ask the court to speed up foreclosure cases.
A staff analysis says the average time between filing and repossession in Florida is 853 days. The national average is 414 days.
