Lenders in Florida are now seeing the positive side of opting out of foreclosures they can in fact save on dollars by being seeking other alternatives. The foreclosure process generally consumes a lot of time but if the banks cooperate with the borrowers the process picks up speed. A hostile relationship leads to undue delays as the borrowers disregard summons and the lenders cancel sales.
However lawyers and condo associations continue to allege that the lenders are intentionally causing delays in foreclosure process to avoid their balance sheets show up heavy losses. They are also trying to avoid paying association fees, maintenance charges and insurance costs.
Legislators in Florida have tried time and again to solve the foreclosure crisis but none of their efforts have borne fruit. Charlie Crist the Governor of Florida initiated a task force in February last year. It comprised of elected officials, bankers and real estate investors. The panel gave one recommendation to the state legislature – to give protection to those with sub-prime loans. But the legislators did not pay heed to this suggestion.
During the last spring session of the legislature the legislators introduced 15 bills to tackle the foreclosure problem. 10 of these bills did not get a hearing. Many bills were about mandatory mediation between the two parties in foreclosure cases.
2 foreclosure-related bills got the approval of the legislators. One was about the lenders complying with minimum regulations of the feds. The second one was about increasing the costs of foreclosure from $300 to $1,900. But this has not hampered new foreclosures from rushing in as before.
To battle this mountain of incoming foreclosures, Clerk Harvey Ruvin of Miami-Dade got together a ‘Dream Team’ comprising of 40 operators to clear the foreclosure backlog. He also came to an agreement with employee’s union regarding work without overtime. 100 persons volunteered to work through nights and weekends on these foreclosure suits. The court does not have enough funds to pay for overtime. The team set a target of completing the work in six months as they grappled with 6.600 defaults and 1,000 new foreclosure postings. Ruvin commented, “Everybody at every level is putting their shoulder to the wheel, and it's turning.” He is hopeful that the team will complete the targeted job by the end of the year.
There are also long term programmes of setting up an electronic filing scheme for civil cases to decrease paper work. Plans are afoot for online auctioning so as to double the numbers being auctioned.
Author Resource:-> Adam Sanderson, has been working on foreclosurerepos.com studying the foreclosures market, helping buyers on the finer points of foreclosure homes for sale. Try to visit foreclosurerepos.com and begin your foreclosures by state search.
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