In recent years, a slowdown has occurred in the speed of foreclosure proceedings in Florida. This has led some individuals to say that Florida should perhaps look at changing its current judicial foreclosure system.
According to an article from the Miami Herald, Florida's governor, house speaker and senate president have all expressed interest in considering legislation which would take foreclosures out of the courts. Also, on September 20, a house subcommittee heard a presentation which outlined the differences between states that involved courts in the foreclosure process and those that didn't.
This is not the first time the issue of changing the foreclosure system has come up in Florida. In 2010, the Florida Bankers Association was unsuccessful in lobbying for a change that would stop judges from having to sign off on foreclosures.
Those in favor of having Florida switch to a non-judicial foreclosure system claim that such a change could speed up the foreclosure process which could, in turn, get properties back on the market faster, possibly stimulating the economy. Opponents of such a switch, however, fear that taking the courts out of the foreclosure process could create an unfair environment for homeowners.
Foreclosures can have many effects on homeowners. Thus, changes to how foreclosure proceedings are conducted in the state could potentially be very impactful. Thus, one hopes that, if Florida's legislature does end up considering legislation regarding the state's foreclosure system, lawmakers make sure to carefully consider what effects the changes proposed in such legislation would have on homeowners.
Source: Miami Herald, "Rick Scott, GOP to consider taking courts out of foreclosure process," Janet Zink, Sept. 21, 2011