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Is There a Faster Yet Fair Way To Process Foreclosures? Yep

Posted on Wednesday, February 22, 2012

First let me say I love the state of Florida. The outdoor and healthy culture I live in is truly a blessing BUT, this foreclosure process in our beloved state comes up a little short. Did you know it typically takes 600+ days to process a foreclosure in the State of Florida – twice the national average? What is going on here?

It is so important to balance the needs and rights of the homeowner with the needs of the free market and the surrounding neighborhood but oh my gosh do we have issues here. In a gated community I know and love there are two properties which lay uninhabited, languishing, deteriorating with little short-term hope of new owners. It will be years from start to finish before new homeowners are in. In the mean time who pays the HOA fees? Who watches over the abandoned place? Why are neighbors punished FOR YEARS for the actions of the owner? The current process is more than fair to the homeowner but what about the neighbors? Not so fair in my view.

Something needs to be done to balance the scales a bit. Enter State representative Kathleen Passidomo who today on Wednesday is battling this situation by introducing a much better idea – the Florida Fair Housing Act. As reported by Elizabeth Billingsley, a reporter for our local ABC affiliate “The Florida Fair Foreclosure Act is winding its way through the state legislature, and the House Judiciary Committee is scheduled to consider the bill Wednesday.  It passed the Senate Judiciary Committee on Monday….Among other things, it would help courts identify abandoned property by looking at the property’s condition, noting broken and boarded windows and littered yards.”

And talk about balance, according to the report “ (a) provision of the bill would reduce the statute of limitations for deficiency judgments on a foreclosure action from five years to two.” Nice, this will speed things up. If the financial powers that be cannot get things going in two years the statute of limitations kicks in. As Representative Passidomo says in the article “”a shorter statute of limitations is beneficial for homeowners trying to move on with their lives after foreclosure. “ Now that is balance – for the owner and the neighbors.

Nice, that’s the stuff. Is it perfect? Probably not. Will the bill be modified before passing? Probably, but hopefully not watered down. Six hundred days to make something happen under the existing law is ridiculous. Let’s get this done.
No legal, investment, or tax advice is being given in this Blog.  Consult with legal, financial and tax professionals before acting on any real estate transaction.  Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921
Facebook: NaplesBestAddresses
Twitter @mcgoebel
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