By Marianela Toledo | Florida Watchdog |
“MIAMI —It’s a great law for the economy, banks and bargain hunters. But it may be a raw deal for homeowners struggling to hang on to their homes.
A NEED FOR SPEED: New law accelerates the foreclosure process in Florida.
The proposal sponsored by Florida State Rep. Kathleen Passidomo, R-Naples, and Sen. Jack Latvala, R-Clearwater, looks to speed up the foreclosure process by reducing the number of hearings, easing up on the paperwork and hoops lenders must jump through to reclaim a property, ultimately reducing the wait time from five years to one.
Opponents like MoveOn.org, a liberal nonprofit political action committee, say the law is unconstitutional. The group is threatening to sue if the proposal is passed and is collecting signatures demanding that the governor veto the bill.
The group says The Foreclosure Act was passed illegally and unconstitutionally.
“The Legislature failed to adhere to the requirements of the Florida Constitution. There will be litigation initiated to defeat this illegal and unconstitutional bill, which will be unnecessarily costly litigation to Florida,” MoveOn.org says on its website.
State Sen. Darren Soto, D-Orlando, wants Gov. Rick Scott to veto the bill.
“This legislation would mark the biggest reduction of homeowner (and) homestead rights in generations,” he said. “In a state that ranks first in the nation in foreclosures, not only does the law allow homeowners to be evicted more quickly, but if the eviction was through bank fraud, there is no possibility of arbitration to recover the home. ””