Florida lawmakers have sent Governor Rick Scott a bill meant to speed up the residential mortgage foreclosure process.
The bill (HB 87) cleared the Senate on a 26-13 vote on Friday.
The bill aims to relieve a backlog of foreclosure cases in a state swamped by a rising number of homes taken back by banks during the housing crisis.
Republican Senator Jack Latvala said Florida’s real estate market won’t return to normal until the backlog of foreclosure cases is reduced.
Latvala said the measure is tilted more in favor of consumers than banks.
Democratic Senator Darren Soto said the bill doesn’t protect people who lose their homes due to fraud.
The bill reduces the amount of time for banks to go after foreclosed homeowners on deficiency judgments.