A new bill designed to speed up the foreclosure process has been introduced in the Florida legislature.
The Miami Herald reports that Republican Rep. Kathleen Passidomo has introduced HB 87, which will require lenders to certify they have the proper paperwork to affirm their right to pursue foreclosures. The bill also provides condominium associations with the ability to speed up foreclosures if a lender is moving too slowly in the process.
Furthermore, the bill will require lenders to only provide monetary damages if a wrongfully foreclosed-upon property is sold to a third party. Lenders will not be required to make an effort to recoup the property and return it to its original owner.
Florida has the nation's highest foreclosure rate. Currently, the state's foreclosure process can take more than 600 days to complete.
