To: State Senator A. L. Joyner, State Senator J. Norman, and State Senator J. Latvala
Fix Florida's Foreclosure Fiasco
Require banks to provide the original mortgage when initially foreclosing. If they don't then a mortgage lien satisfaction will be issued by the County Clerk of Courts.
Why is this important?
Florida is in the midst of a foreclosure crisis. Compounding that is the vast mortgage fraud being perpetrated by robosigning and the lack of any clear path of ownership of the mortgage. To speed the clearance of foreclosures and heal the housing market, we need to enact legislation that will help clear the market while maintaining the rights of individuals.
Please consider the following text of such legislation:
Upon the filing of a foreclosure notice to the appropriate Florida County Clerk of Courts the Mortgagor (lender) will, within 30 days, file with the appropriate Florida County Clerk of Courts, the original signed Mortgage on the subject property. In absence of such an original signed Mortgage, filed in accordance with this provision, the appropriate Florida County Clerk of Courts will issue and record a satisfaction of lien for the subject property to the mortgagee. A fee of $50 will be paid by the Mortgagor upon filing the foreclosure notice to the appropriate Florida County Clerk of Courts.
Please consider the following text of such legislation:
Upon the filing of a foreclosure notice to the appropriate Florida County Clerk of Courts the Mortgagor (lender) will, within 30 days, file with the appropriate Florida County Clerk of Courts, the original signed Mortgage on the subject property. In absence of such an original signed Mortgage, filed in accordance with this provision, the appropriate Florida County Clerk of Courts will issue and record a satisfaction of lien for the subject property to the mortgagee. A fee of $50 will be paid by the Mortgagor upon filing the foreclosure notice to the appropriate Florida County Clerk of Courts.