Gov. Rick Scott signed HB 87, which will affect the state’s foreclosure laws.  Many homeowners have questions about what this means for them.  I will try to answer a few questions.

1. If you are a current homeowner in foreclosure, it does not affect you at this time.
2. This does not mean you should leave your home or short sale it.
3. If a deficiency is granted, it cannot be more than the difference between the Judgment and fair market value as of the date of the sale.
4. There is new language in regards to the finality of a Mortgage Foreclosure Judgment. Specifically, it relates only to monetary damages if certain conditions are met:
   1. Proper service
   2. Final Judgment was to property
   3. Appeal time has ran out
   4. Non-affiliated 3rd party purchased the property.
5. Plaintiff has one year to institute a deficiency claim. This will attempt to eliminate “Zombie Foreclosures”.
6. It makes it harder for the bank to address “lost notes”. Many times, the bank does not have the correct documentation to foreclose due to not having the original note. The new law makes it harder for the bank to create documents and not explain why they are suing. This could be a huge win for homeowners.
7. The big loss to homeowners is that the Florida Rules of Civil Procedure are being revised to allow banks to foreclose faster.

What does this all mean to homeowners?  It means it is more important now than ever to hire a good attorney who will fight for your rights.  It is important that we keep our families in our homes and not allow the banks and government to run over your rights and take your home.

At The ME Law Firm, we are dedicated to fighting these changes and fighting to keep you in your home. As we like to say, Don’t Give your Home Away!  Please give us a call for a free consultation to see if saving your home is an option.