Florida HB87 - Speedy Foreclosure Coming to Florida

[Shawn Yesner]

Florida foreclosures are about to change based on today's effective date of this new law, and I am finishing up a blog describing the intricacies of the law in a bit more detail. My personal opinion is that we've seen the end of Short Sales in Florida, that foreclosure backlogs are going to decrease, new foreclosures will speed up, and investors will have to use more "traditional" subject-to, lease-options, hard money loans, LLC, Land Trusts, etc. in order to buy FL distressed property. For those who invest in Florida, I would love to know your thoughts. Here's a to the text of the bill - http://flsenate.gov/Session/Bill/2013/0087/BillText/er/PDF.

[Wayne Brooks]

Yes, I believe existing cases can use this, depending on where they are in the proceedings. The big unknown is if the banks will implement this on the majority of their cases, and how quickly they follow up. The largest factor in the foreclosures dragging out is still lack of following up step by step by the bank's attorneys. Without the new law, an uncontested case can go from start to final judgement in 4-5 months if the plaintiff attorneys file timely motions/set hearings as opposed to months of inactivity. I have short sales where the plaintiff attorneys have filed nothing for over 18 months.