Florida Foreclosures Can Take up to 806 Days | News

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Florida Foreclosures Can Take up to 806 Days
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JACKSONVILLE, Fla. -- How would you like to live for free until March?  We're talking March 2014.  It's perfectly legal, and many people are doing it in Jacksonville.  A new report shows the entire foreclosure process can take up to 806 days in Florida. 

"It's like choosing between a sudden death and a long-term death," said Andres Gallo, Chair of the UNF Economics Department.

He said despite the fact that foreclosures dropped around 50 percent recently compared to last year in Northeast Florida, the worst may still be ahead. 

We may never know how bad it will get, because Gallo said it's hard for analysts to predict how many homes are on a foreclosure track.  That could mean trouble if you own a home.

"Then there's a real problem. Then they're going to be competing at least in the next few years with all this backlog of foreclosure properties that are going to be a fire sale into the market," Gallo said,

"The foreclosure problem in the United States is a huge, complex problem," attorney Daniel Bean said.  According to Bean, these long-term foreclosures are contributing to that mess, but he said that's no reason to take away people's rights. 

Bean believes House Bill 213 could do that.  It would take the foreclosure process out of the courts, and allow a bank to foreclose in as little as a month. 

"To evict someone too quickly if the lender cannot prove that they are the true owner? I am willing to have the other consequence, the 28 months, rather than have somebody wrongly evicted from a home," Bean said.

The bill had its first reading in the state House on Tuesday.  Similar bills have failed in years past.  There are other states that have non-judicial foreclosures, that are taken care of outside of court.  Other states have both, depending on the contract between the bank and the homeowner.

 

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