Bill to speed up foreclosures moves forward in Legislature - FOX 13 News

Bill to speed up foreclosures moves forward in Legislature

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The Florida House has set up for final passage a bill that aims to speed up Florida's mortgage foreclosure system.

House members discussed the bill (HB 87) on Friday.

It would make banks prove in more detail that they own a mortgage or explain why they can't prove ownership.

The bill also reduces the time that banks have to go after deficiency judgments to one year from five years. A deficiency judgment covers the difference between the foreclosure sale price and what's still owed on the home loan.

But the measure would also allow others besides mortgage-holders to ask the court to speed up foreclosure cases.

A staff analysis says the average time between filing and repossession in Florida is 853 days. The national average is 414 days.

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