A bill aimed at speeding up foreclosures cleared the Florida House on Monday in a 87-26 vote.
House Bill 87, represents the third attempt at foreclosure reform; it provides new options for expedited foreclosures and tightens up filing standards for banks.
A companion bill is stalled in committee in the Senate, miamiherald.com reports.
Opponents of the measure say, HB 87 would hurt homeowners and favor banks, several of which have engaged in unsavory foreclosure practices.
Supporters of the measure say, the bill will assist in returning Florida’s troubled housing market to normalcy, after more than six years of problems, miamiherald.com also reported.
Florida has the highest rate of foreclosures in the nation and ranks third nationally, for the average length of time it takes to foreclose on a home at 853 days, according to RealtyTrac, the leading online marketplace for foreclosure properties. The national average is 414 days.
