HB 87 | Passidomo's foreclosure reform proposal passes Legislature

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HB 87 | Passidomo’s foreclosure reform proposal passes Legislature

HB 87 | Passidomo’s foreclosure reform proposal passes Legislature

Naples Daily News-

The third time’s the charm for one Southwest Florida representative’s top priority.

The state Senate this morning voted 26-13 to approve a measure that speeds up the foreclosure process. The bill – which has been sponsored by Rep. Kathleen Passidomo, R-Naples, for the past three years – now heads to the governor’s office for his signature.

“I can’t believe it,” said Passidomo, as she walked back to House chambers after being on the Senate floor for the vote. “It’s really terrific.”

The foreclosure bill — House Bill 87 — shortens the time period that banks can collect losses from five years to one; requires banks to produce the note at the time of the foreclosure; and allows lien holders, like a homeowner association, to initiate the foreclosure process.

[NAPLES DAILY NEWS]

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