Gallagher & Associates Team

Gallagher & Associates Team

Tuesday, March 23, 2010

Non-Judicial Foreclosure

The Florida Bankers Association has presented a bill to Florida legislators aimed at ending the due process rights of Florida homeowners by instituting non-judicial foreclosures. The act, titled The Florida Consumer Protection and Homeowner Credit Rehabilitation Act seeks to end foreclosure lawsuits and fast track foreclosures in a little as 90 days. Just as it sounds, banks would accelerate foreclosures against defaulting homeowners without the need for the courts and judges would no longer rule on foreclosure cases.

Attorneys would have no forum to assert legal or factual defenses and banks could automatically auction the home out from under you, despite any legal defense. Passage of this bill would end the new mandatory foreclosure mediation required by the Florida Supreme Court. Finally, this act would permit money judgments for the deficiency between the foreclosure auction sale price and amount of the loan after the house is lost.

This proposed law presents serious due process concerns and will drastically change the way banks handle loans in default. It will drastically limit the rights of homeowners and consumers.

The Florida Legislature convenes on March 2, so take this opportunity to tell your representatives that you do not support this dangerous bill. To find the contact information for your legislators, click below:

Find Your Legislator

1 comment:

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