HOW CAN WE HELP YOU? 813.221.4743

Inside_ALAW_Banner.jpg

FAQ About Bank-Owned and Foreclosed Properties in Florida

Posted by Melissa McNeil on Jan 15, 2014 2:56:00 PM

LENDER AND FORECLOSURE MANAGER FAQ's

Q: I understand Florida recently amended its laws concerning foreclosure. Can you tell me what’s changed?

A: HB 87, the “Florida Fair Foreclosure Act” took effect in June. It’s intended to speed up the process of foreclosing on residential mortgages. Among other things, the Act:

- Shortens from five years to one the time within which a lender must sue to collect any money still owed after the foreclosure (called a “deficiency”)
- Requires the lender to prove it owns a loan before foreclosing          
- Allows some third parties other than lenders (e.g., homeowners associations) to bring a foreclosure action.
- Here’s a link to a recent ALAW client alert with more details about HB87.
Read More

Topics: Florida, Foreclosure

Meet_the_Authors

Subscribe to Email Updates

Latest News

SEE ALL LEGAL ALERTS