Florida Governor Signs Bill to Speed Up State's Foreclosure Process

June 7, 2013
Housing Wire 
mortgage lending news

On June 7, Florida's governor signed into law a bill that will speed up the state's foreclosure process. Effective July 1, the law lowers the statute of limitations for filing a deficiency action to one year from the sale or date of the acceptance of a deed-in-lieu and allows any named party -- not just a plaintiff -- to move for an order to show cause. Additionally, it seeks to prevent what attorney Daniel Consuegra calls "collateral attacks on foreclosure judgments by borrowers who were served in the action when the property has been acquired for value by a third party and all time periods to appeal have expired." Because the bill requires a certificate of possession of the original note or a lost note affidavit to be filed concurrently with the complaint, he says form modifications are expected and could take time to implement.
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