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Proposed foreclosure legislation arises in Florida

In recent years, many individuals in Florida have faced foreclosure. Also, over this time, a backlog has been developing in Florida courts when it comes to foreclosures. Reportedly, the foreclosure backlog in Florida currently consists of over 200,000 cases. The state has tried many different methods to address foreclosures and this backlog.

Recently, the Palm Beach Post reported on proposed legislation that has arisen in Florida that regards foreclosures. The proposed legislation reportedly is referred to as the Florida Fair Foreclosure Act. According to the Palm Beach Post, the proposed legislation has not yet been filed, but has been sent around in draft format.

The proposal currently contains several provisions regarding foreclosures in Florida. One of these provisions reportedly would make it so consumers could no longer seek to regain their home in a challenge of a final foreclosure judgment. The proposal also contains a provision which would change the time limit for final judgments in uncontested foreclosure cases from 90 days to 45 days. One could see how a proposal containing such provisions could potentially be very impactful if passed.

It is worth noting that, since this proposal is currently in draft form, the provisions it contains could change by the time it is eventually filed.

Thus, some interesting questions arise in connection to this proposal. What will the proposal look like when it is filed? Will this proposal eventually be passed? If it is passed, what impacts will the proposal have on foreclosure proceedings and consumers in Florida? It will be interesting to see how these questions are eventually answered.

Source: The Palm Beach Post, "Florida legislature trying to bust foreclosure backlog - again," Kimberley Miller, Sept. 5, 2011

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