Nationally, we are facing a huge foreclosure problem. Congress is holding hearings, and our friends at ALTA are actively protecting the interests of the title industry
. The Office of the Comptroller of the Currency has mandated that upon request, a foreclosed homeowner is entitled to an independent review of any improprieties in their foreclosure process. (here's the Link
at ALTA) This is only going to open up the possibility of more attempts to set aside a completed foreclosure, increase the risk and uncertainty facing our title insurers and delay the economic recovery.
In Florida, we have been working on a different approach to the problem. Yesterday, Rep. Kathleen Passidomo (R-Naples) filed her Fair Foreclosure Act (HB 213
), which is intended to streamline several aspects of the judicial foreclosure process. This bill includes several important provisions for the title industry, including a section which assures home-buyers that if they buy a foreclosed home, their ownership to the property won't be challenged or taken away.
More on this later