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.
Please see full Alert below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.