Posted On: April 16, 2010
Bankruptcy Attorney Jacksonville - Applauds Death of Nonjudicial Foreclosure Bill in House Committee
HB 1523, the bill that sought to turn Florida into a nonjudicial foreclosure state by allowing banks to foreclose on homes without going through the courts, died this week when the House’s Criminal & Civil Justice Policy Council ended its session without hearing the bill.The bill can now only be heard if the Speaker of the House removes it from committee for a full House vote, or if a similar Senate version – SB 2270 – is approved by the House.
The proposed legislation would have allowed lenders to forego court proceedings in order to foreclose on a home, unless the borrower requested that the foreclosure go through the courts. It also required the lender to meet with the borrower if requested, and to forgive the unpaid portion of the loan if the borrower acted in good faith during the nonjudicial foreclosure process.
Bankers supported the bills because they say legislative measures are needed to speed up the foreclosure process. Opponents argued that the proposed legislation would eliminate a homeowner’s right to due process and give too much power to lenders.
If you are a Florida resident whose home is in potential danger of foreclosure, contact our Jacksonville, Florida bankruptcy law firm to learn more about your options.
Greg Gilbert
Keith Maynard
