From DBR’s Paola Iuspa-Abbott [link]
The law would create an “alternative foreclosure procedure” that lenders could impose on owners of non-homesteaded properties with values far below their mortgages or properties the lender deems to be abandoned.
Under the proposed procedure, delinquent owners would waive their rights to defend the foreclosure, allowing the lender to more quickly obtain a summary judgement to auction the property.
The owners would have 30 days from the date of the foreclosure filing to opt-out of the streamlined procedure. If they do object, the owner would have the right to fight the lender.
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