Photo: My Fox Orlando
How do you solve a problem like America’s foreclosure crisis? The last thing anyone wants is another robo-signing scandal, so up until now the answer has been slowing down the process to a snail’s pace in order to give homeowners a better shot at bouncing back.
But that’s created massive backlogs across the country, as well as record wait times for foreclosures.
Florida’s backload has gotten so bad that state lawmakers decided to take drastic measures, passing a bill last week that will allow lenders to speed up the process. They argue it will help chip away at some 25,000 foreclosures now sitting in limbo.
Under HB 213, the number of foreclosure hearings will be reduced from two to one, and banks will have an easier time foreclosing on vacant properties.
But opponents have taken to the streets in protest, saying it’s unfair to homeowners who could use the extra time to try to save their homes.
As the Associated Press points out, the bill isn’t all bad news. Lenders will only have one year to track down missed payments after foreclosed homes are sold.
The bill sailed through the House 94-17 but still awaits a vote from Florida’s State Senate, which is set to vote next week.
See Fox Orlando’s coverage of the protest:
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.