Florida has the highest
rate of foreclosure among all 50 states. Given how many cases are
being heard at any given time, it’s not surprising that the state
also has the highest backlog of foreclosure cases. To remedy this,
Governor Rick Scott signed a law in June 7, 2013 that seeks to
expedite the foreclosure process.
While the law does have
homeowner-friendly stipulations—lenders now face stricter
documentary requirements before they can file a case—it also
contains provisos that hurt people who face foreclosure. Below are
the two main changes that should concern homeowners:
Show Cause Hearing
When a lender files a
complaint, they may also file a request for a “show cause hearing,”
wherein the homeowner must convince the courts why the foreclosure
should be halted. If the request is approved, the show cause hearing
can happen in as little as 20 days, limiting the amount of time a
borrower can mount a defense, request forbearance, or get a loan
modification.
Finality
Moving forward, all
judgments on foreclosure hearings are final. Even if your home was
foreclosed on fraudulent grounds, you will no longer be able to take
back your property. The only recourse you have is monetary damages.
Given these new rulings,
homeowners facing foreclosure must contact foreclosure attorneys
immediately to increase their chances of delaying or rescinding
property repossession.
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