The new law was signed by Florida's Governor Rick Scott on Friday (June 7, 2013) and went directly into effect.
The new law allows lenders to query the court as to why a final foreclosure order has not been entered. Furthermore, condominium associations and homeowners associations can ask the courts to expedite the foreclosure process under certain circumstances.
Lenders must now provide details showing the entity owns the loan before foreclosing on the property. There are protections in the law for innocent parties who purchased a property where a former owner may have claim to the property.
Perhaps the most pertinent part of the law is deficiency judgments in foreclosure actions can be sought for only one year, down from five years. The deficiency judgment is the difference between the proceeds from the home and what is owed on the mortgage note.
I believe it is preferable for distressed homeowners to complete a short sale when compared to a foreclosure. (Please see previous entries on the subject of short sales by searching short sale in the label section of the Blog).
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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