Legislative Response to the Mortgage Foreclosure Crisis -
The mortgage foreclosure crisis has exacted a toll on Florida’s economy and judiciary. In the span of four years, foreclosure filings in Florida increased almost sevenfold, from 57,106 in 2005 to 399,118 in 2009. Florida currently boasts the largest share of foreclosure inventory of any state. The explosion in foreclosure filings has produced a substantial case backlog in the courts. The average foreclosure action in Florida now requires 853 days to complete, more than double the national average of 414 days.
In response to the backlog of foreclosure actions, Governor Rick Scott signed into law House Bill 87. The bill seeks to reduce the case backlog by expediting foreclosure actions. Additionally, the bill introduces more onerous pleading requirements on foreclosure plaintiffs and reduces the statute of limitations for deficiency judgments. The bill amends existing statutes and creates several new ones as well. The entirety of the bill applies immediately and retroactively, except for the newly introduced pleading requirements, which apply to cases filed on July 1, 2013 and thereafter.
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Topics: Deficiency Judgments, Foreclosure, Housing Market, Mortgages, New Legislation, Pleadings, Statute of Limitations
Published In: Civil Procedure Updates, General Business Updates, Finance & Banking Updates, Residential Real Estate Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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