702.10 Florida Statutes

  • 12/15/2011 2:53 PM
    Message # 774322
    Anonymous

    Under what circumstances is the above statute currently applicable to residential foreclosures?  Do you know the details of the current pilot program with FannieMae in Florida testing this statute?

    What are FLTA's comments relative to the introduction of HB213-Florida Fair Foreclosure Act .  How would the passing of this bill enact procedures for residential mortgage foreclosures?  What is the effect the new law might have on homesteaded property and junior lienholders?

    Does FLTA have suggestions for revising the bill?

     

  • 01/29/2012 5:16 PM
    Reply # 810239 on 774322
    Anonymous
    Great questions.   

    702.10(1) is applicable to all types of foreclosure -- residential, commercial, even homestead.  This is the section under which the court can issue an Order to Show Cause why the foreclosure should not proceed.  This provision has been in the law for many years, but some technical issues have prevented it from being used much. 

    Several courts and commentators have confused it with (2) which is only applicable to non-residential properties.   (2) is the provision which  allows the court to order the property owner to keep making their mortgage payments on non-residential properties while the foreclosure proceeds.  

    FLTA has worked very closely with Rep. Passidomo in the development of HB 213 and are very supportive of it.  That bill not only fixes the technical issues with 702.10, but also provides the title industry with certainty that a foreclosure won't be reversed after it has been transferred to a bona fide purchaser based on robo-signing, defective assignments or anything else. 

    Last week, the bill was amended in the civil justice subcommittee (see Gov't Affairs Blog) to remove the finality provisions.   As it goes through the process, we'll continue working with Rep. Passidomo to reinstate those provisions. 

     
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