Florida Legislature Clears Path to Speedy Foreclosures

by Isaac Benmergui, Esq on March 1, 2012

The Florida Senate approved the “Florida Fair Foreclosure Act,” which will streamline and hasten the foreclosure process for thousands of Florida homeowners. Opponents of Senate Bill 1890 say the state’s homeowners will be subject to further hardship in an abusive system at the hands of the state’s banks.

Two weeks ago the nation’s attorney generals entered into a settlement deal with the nation’s five big banks, whereby states would receive a share of a $26 billion settlement to help out homeowners who lost their homes in poorly executed and, in many cases, illegal foreclosures. Additionally, states would use part of the settlement to set up programs to prevent future foreclosures.

Senator Jack Latvala, the bill sponsor, believes the bill will add clarity to the foreclosure process by requiring better proof of mortgage ownership by the company foreclosing on the property. The Bill also shortens the time the bank has to foreclosure on the property.

Getting Legal Help

If you are facing foreclosure and want to hold onto your home, the law offices of Isaac Benmergui can help you find solutions. Call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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