Quicker "Non-Judicial" Foreclosures and Evictions Coming to Florida

[Crewleader]

Inquiring minds are interested in pending legislation to dramatically speed up the foreclosure process in Florida.

If bankers get their way, Floridians facing foreclosure could be kicked out of their homes in as little as three months.

The Florida Bankers Association, the 400-member-strong lenders' lobby, has presented state legislators with a bill to upend decades of Florida law and establish "non-judicial" foreclosures in Florida by July 1.

What's a non-judicial foreclosure? Banks would accelerate foreclosures against defaulting homeowners by bypassing the courts. Judges would no longer rule on foreclosure cases.

Some states — 37 in fact — already grant that fast-track foreclosure authority, including California, Georgia, Alabama and Texas. But Florida, with its plethora of vacation and retiree homes, has always been big on homeowner rights.

http://globaleconomicanalysis.blogspot.com/2010/01/quicker-non-judicial-foreclosures-and.html?source=patrick.net

[thunder rising]

1. As long as the foreclosure is not contested it can be fast tracked.

The homeowner rights of Florida came about in the days of the "swamp for sale" scams.

[Crewleader]

2. Florida bankers move to dramatically speed up the foreclosure process

http://www.tampabay.com/news/business/realestate/florida-bankers-move-to-dramatically-speed-up-the-foreclosure-process/1069024

[fasttense]

3. Normally non-judicial foreclosures and evictions result in nonrecourse loans.

because banks normally have a one time option.

That is at the time the banker decides to foreclose, they have the option of either going non-judicial or judicial. In most states with a non-judicial option, the banker only gets one crack at it. That is if they choose the cheap and easy method of kicking people out of their homes, they can't come back later and decide to do a judicial foreclosure and hold up the poor people for the difference between what they sold the house for and what the homeowner still owes on the house.

Usually only in judicial foreclosures can a bank hold homeowners hostage to a mortgage on a house the homeowner no longer owns.

Yet Florida seems to want it both ways and gives all the power to the banksters. They want non-judicial foreclosures for their cheap and fast evictions and still want to hold the former homeowners liable for the difference in the mortgage and the sale.

I see they are offering a nonrecourse non-judicial foreclosure as a carrot to prevent homeowners from trashing the place.

Florida really loves them some bankers and really wants to screw homeowners.

[Bitwit1234]

4. Well they want those prime real estate homes and property

for foreign investors. Who are buying up this country. And when they are allowed to pour money into the elections, they will own congress.

[ellenfl]

5. unfortunately, florida's republican legislature embodies all of the

worst aspects of the republican party. they are all corporate and self-interest all of the time.

ellen fl

[dixiegrrrrl]

6. Wow.....legal protections being rolled back on many fronts of late.

:scared: :scared:

[phantom power]

7. So... the banksters can de-value their MBS portfolios even faster?

:shrug: