A bill in the Florida legislature dealing with the mortgage foreclosure process has been delayed for the time being. The bill was set to be discussed during the Senate Judiciary committee meeting earlier this month, but was withdrawn by the sponsor at the last minute.
The bill – SB 1666 – would require banks to provide proof, beyond the requirements that currently exist, that the bank actually owns the mortgage. If the bank is unable to provide a sufficient level of proof, the bank would then be required to clarify why it could not provide evidence of its ownership.
In addition, the bill would allow people apart from the people with the mortgage to request that the process be expedited. This portion of the bill has some people concerned, as allowing others to move the foreclosure process forward more quickly could impede homeowner’s rights.
Florida continues to have one of the highest foreclosure rates of any state in the country, according to The Palm Beach Post. RealtyTrac has reported that the foreclosure rate in Florida is actually over three times the average foreclosure rate across the country.
In February 2013, one out of every 282 houses in Florida was sent a notice of foreclosure. In addition, the number of foreclosures in Florida has been on the rise. The number of people whose homes were in foreclosure was 13 percent higher in February 2013 than the same month last year. In addition, the foreclosure rate in Florida rose 16 percent from just January to February 2013.
When someone is facing the possibility of foreclosure, there are options available to prevent the process from proceeding. Consulting with a skilled bankruptcy attorney can help protect the homeowner’s rights.
Source: Naples News, “Sponsor puts hold on mortgage foreclosure overhaul in Florida,” April 9, 2013.