The mortgage foreclosure bill sponsored by State Rep. Kathleen Passidomo, R-Naples, has just passed the Senate and will be heading to Gov. Rick Scott for his signature.
The bill, which accelerates the foreclosure process, passed the House on Monday.
Passidomo and the bill’s co-sponsor, Sen. Jack Latvala, R-Clearwater, say the intent of the bill is to help the economy by reducing the foreclosure backlog. Passidomo, a real estate attorney, said the bill will get homes more quickly back into the stream of commerce.
Supporters say it will help consumers because the banks will have to prove ownership of the mortgage note before foreclosing, and banks will have only one year to go after a homeowner for a deficiency judgment instead of five years.
Critics say the bill hurts consumer rights.