February 22nd, 2012
Posted in 
A new bill that supporters claim will speed up the foreclosure process has debuted in the Senate on Monday, despite concerns that some mortgagors could end up without a home.
The Senate Judiciary Committee approved SB 1890, a combination of two House proposals, HB 213 and HB 1149, already has the support of bankers and lenders. Those for the bill say it targets the 30 percent of foreclosed properties that are left abandoned without being resold.
The bill reduces the time it takes to have those properties made available, allegedly kick starting the country’s housing industry and economy.
“This is the underbelly of one of the things that is keeping our economy from recovering,” said Sen. John Thrasher (R-St. Augustine), of the abandoned foreclosures.
However, critics of the bill argue it adversely affects homeowners that are trying to remain in those properties.
“This bill places too much burden of repairing this problem on the backs of consumers and homeowners,” claims Alice Vickers, attorney for the Consumer Action Network.
The bill also reduces the time allowed for a lender to go after a mortgagor after a foreclosure sale from five years down to one year, helping out the borrower.
The Senate bill is on its way to Senate Banking and Insurance and will most likely undergo some changes before reaching the floor.
If you have been struggling to keep up with your mortgage or have already received a notice of foreclosure, help is available to you right now to fight for your home. Turn to a top foreclosure attorney immediately for assistance to save your property from repossession.
When you work with a leading foreclosure attorney, you can rest assured that your case will end with the best possible outcome. Your paralegal will devise a plan to present to your lender based on your current financial situation in hopes of working out an alternative solution to foreclosure. Some ideas may include mortgage modification, refinancing or a forbearance plan. No matter what the plan, your foreclosure attorney will make sure your rights as a homeowner are upheld.
Call a skilled team of foreclosure attorneys in your area today to disucss your options and get started on your case immediately.
Tags: Alternative Solution, Best Possible Outcome, Financial Situation, Forbearance, Foreclosed Properties, Foreclosure Attorney, Foreclosure Help, Foreclosure Process, Foreclosures, Housing Industry, John Thrasher, Mortgagor, Paralegal, Refinancing, Repossession, Senate Bill, Senate Judiciary Committee, St Augustine, Underbelly, Vickers