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HB 87 – Florida’s Foreclosure Bill Passes

Florida’s Foreclosure Bill Passes 

Speedy Foreclosures… Here They Come

Florida House Bill 87 passed the Florida Senate on the last day of Session, and is headed to Governor Rick Scott’s desk.  The Bill, sponsored by Rep. Kathleen Passidomo, R- Naples, is the third attempt in three years by the Florida Legislature to streamline the foreclosure process.  Opponents of the Bill say that the measures will hurt Florida homeowners and will benefit the banks.  Proponents of the Bill say that the Bill will help homeowners by unclogging the foreclosure backlogs and helping the market recover.  Additionally, the Bill will shorten the time in which the banks can pursue a deficiency judgment against a borrower by cutting the statute of limitations from 5 years to 1 year.  Furthermore, the Bill protects third party purchasers who buy a foreclosed property, but later find out the foreclosure was improperly granted.  The remedy to those homeowners wrongfully foreclosed upon is limited to monetary damages under the new Bill.  While it remains unclear if the Bill will actually help homeowners or hurt them, it is clear that the process will start to move faster.  This fact highlights the need for Tampa Bay homeowners to actively pursue loss mitigation options such as short sales, loan modifications and deed in lieu’s with all due diligence.

Please be advised that this article does not constitute legal advice nor does it provide any basis to form an attorney-client relationship. Nothing in this article should be copied without the express permission of the author.

Mr. Hoek has a law degree from Florida State University College of Law and is the managing attorney of the Tampa office of DeWitt Law Firm, P.A.  Mr. Hoek earned his undergraduate degree from the University of Florida and also holds a Legal Masters (LL.M.) in Land Use and Environmental Law from the University of Florida College of Law.
Mr. Hoek is also a licensed real estate agent with Smith and Associates in Tampa, Florida, and also works closely with Florida Property Title Services, LLC.  Mr. Hoek is actively involved in both the Tampa Bay community and real estate market.  He can be reached by phone at (813) 251-2701 or via email at Andrewhoek@dewittlaw.com.