Florida House Civil Justice Subcommittee Approves Foreclosure Reform Bill

TheFlorida House Civil Justice Subcommittee has approved a foreclosure reform bill, HB 87, sponsored by Rep.Kathleen Passidimo, R-Naples. The bill aims to streamline and expedite the foreclosure process. Among other things, it reduces the statute of limitations for deficiency judgments from five years to one year, and requires the lender in a foreclosure action to provide certain documents proving ownership of the loan beforeforeclosureproceedings begin.

The bill passed the committee by a vote of 10-3.

The subcommittee earlier approved, by unanimous votes, a bill (HB 179) that awards property owners in eminent domain suits the interest earned on deposits of the estimated property value made while litigation is pending, and another bill (HB 175) that clarifies at what point a condominium comes into legal existence.

More to come ...