Florida has one of the longest foreclosure timelines in the country, and some state lawmakers hope to shorten that timeline by removing the courts from the process. Florida is one of more than 20 judicial states – states that require foreclosures to funnel through the courts before becoming official.
According to LPS, “The pipeline ratio in judicial states is more than three times that of non-judicial states.” The Florida Bankers Association has supported the idea of removing the courts for the last several years, but the idea was not embraced by lawmakers when the proposed it in 2010. Now lawmakers have taken an interest. Governor Rick Scott told the Sun Sentinel he is interested in learning more about the prospect.
“Well, I want to make sure that we have an efficient process, so we don’t create a reason for banks or whoever lends money not to lend money in Florida,” Scott told the Sun Sentinel. “When you talk to people that are in the system now they say it’s 600 days to get through foreclosure. All that does is create another incentive for people to not lend money when we want people to lend money to our state.”
Anthony DiMarco, EVP of government relations for the Florida Bankers Association told the Miami Herald Florda’s housing crisis is the result of a long line of homes waiting stagnant in the foreclosure process.
“If you can move more quickly, properties can get back on the market, and it will stimulate the economy,” DiMarco told the Miami Herald. “You won’t have blight. Property taxes will get paid. Condo fees and homeowners association fees will be paid. People will buy paint and furniture.”
However, Rep. Darren Soto (D-Florida) spoke out in opposition to the idea of making Florida a non-judicial state. He told the Miami Herald, “I don’t think we need to be replacing people’s rights with expediency, particularly when we’re talking about property rights.”
Article is from DSnews.com.