Several measures aimed at helping out homeowners in foreclosure were filed by Democratic central Florida Senator Darren Soto on Wednesday.
One bill (SB 1226) would shorten the window during which lenders would be able to pursue deficiency judgments to make up for loss in property value from the original mortgage amount.
Another bill (SB 1236) filed Wednesday by Soto, D-Kissimmee, would require the Florida Housing Finance Corporation to apply for $100 million from the federal government’s “Hardest-Hit Fund” program to begin a mortgage principal reduction program for people whose homestead properties are in foreclosure.
Two other bills filed by Soto Wednesday would prohibit mortgage collection firms from falsifying evidence in foreclosure proceedings (SB 1218) and make deficiency judgments unenforceable for certain short sales (SB 1228).
“These bills represent a vision for resolving the foreclosure crisis where we work with families to save their homes and make them more affordable as well as provide meaningful debt relief,” Soto said in a statement.
I checked my payoff balance the other day and it is a crime how little principle is ever applied in a mortgage payment…..over $100,000 in PRINCIPLE and only $699 IN INTEREST….principle reduction should be a priority