Foreclosure bill rolls through state House

Kathleen Passidomo,State Representative Dist. 76, on NewsMakers 5-20-12.

Kathleen Passidomo,State Representative Dist. 76, on NewsMakers 5-20-12.

A bill aimed at speeding up the foreclosure process passed the state House this morning.

House bill 87, sponsored by Rep. Kathleen Passidomo, R-Naples, passed the House on a 87-26 vote.

The bill – which is substantially similar proposed during the 2012 legislative session – shortens the period of time banks can collect losses from five years to one; requires banks to produce the note at the time of the foreclosure filing; and allows additional lien holders, like a homeowner association, to initiate the foreclosure process.

The bill heads to the Senate for approval.

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