Tallahassee, FL—Foreclosure fillings in Florida jumped 20 percent in the last year. The fast-track foreclosure bill is aimed to speed up and clean up the process.
Jason Naumann, of Naumann Group Real Estate: "The bill as its passed would decrease the time frame from default to foreclosure, which will stop a lot of those people who are taking advantage of the system and get it through the pipeline quicker then it is currently."
The process currently takes almost five-years to run it’s course in the state.
Now, with this bill, it could only take one year.
Homeowners are in an uproar with new provisions that could also speed up the deficiency judgment, which allows the bank to recoup the money from the foreclosed homeowner.
Alex Parker of Lord & Stanley Realty: "The new bill that they are looking to put through the system would take it from a five year system in which the bank could come after you for the deficiency judgment and shorten that down to a one year period to pursue a deficiency judgment. Whether that would be good or not, that is still yet to [be] seen."
State Representative Kathleen Passidomo of Naples is sponsoring the bill to go before the house.
Although there are many provisions consumer advocates and homeowners are weary of, the Naumannn Group says, the rise of foreclosures in the state should not make homeowners afraid of the housing market.
According to the Naumann Group, the prices on homes have stabilized and the interest rate is at 3 percent.
The bill still needs approval from the Senate, but lawmakers hope that if it passes, it can go into effect July first.
The foreclosure process both now and on the new bill depends on the bank and the loan the homeowners took out originally.