Average time a Foreclosure takes in Florida: 600+ days! That's a snails pace!
Proposal SB 1890 is one step closer to becoming law in Florida. And it's a good thing in my opinion.
Two Major Changes this Bill aims to Change:
- Speed up Foreclosures: Any lien holder, 1st mortgage, 2nd, HELOC, etc., could file for a "hastened" foreclosure in cases where the home is abandoned or the mortgage is delinquent. In these cases a judge can side with the lien holder and file an immediate final judgement notice, which gives only days before a house is taken back by the bank. This has the ability to go retroactive to ALL home owners currently in foreclosure in Florida. Some 368,000 home owners.
- Reduced time limit for Deficiency Judgements: The bill