The article, Governor, Foreclosure Bill Needs To Be Vetoed written by real estate analyst, consultant and author Jack McCabe was published in the Daily Business Review. It has been republished, in part, on Oppenheim Law’s News Desk.
By Jack McCabe
What if I told you that bank and other mortgage debt holders could file fraudulent foreclosure paperwork to take away your home, take it in court and you could not get your house back — only money — even though you could prove it was fraud perpetrated by the bank or debt holder? Would you believe it? In America? In Florida?
Is it possible the Florida Legislature would approve such an anti-consumer, pro-bank and corporate friendly law? The answer tragically is yes.
HB 87, which is intended to expedite adjudication of foreclosure lawsuits that are log jamming Florida's courts, has been soft-peddled by sponsoring legislators and banking lobbyists as consumer friendly. However, the devil truly is in the details.
I asked two of South Florida's top real estate defense attorneys, Roy Oppenheim of Weston and Thomas Ice of Royal Palm Beach, for their analysis and opinions of this bill.
"The sole purpose of the provision is to safeguard lenders as well as title insurance underwriters," Oppenheim said. "Pursuant to the provision, when innocent borrowers seek to overturn the wrongful foreclosures which will inevitably result from the bill's expedited court procedures, the borrowers will not be entitled to have their homes returned to them. At minimum, the bill should have included an exemption for homesteaded properties. For the preceding reason, and for the reasons addressed in my letter to the governor, the governor should veto Florida House Bill 87 as it unconditionally impairs the rights of residential property owners in the state of Florida."
The bill is retroactive, so all with lawsuits pending after fraudulently losing homes to banks will be shut out from recovering their property.
I urge the governor to veto this horrendous bill. This legislation is the first step in an erosion and deterioration of your rights as a property owner. With property values increasing at artificially high rates, the current incentive for foreclosure fraud by banks is even greater.
I also strongly urge you to write the governor (http://www.flgov.com/contact-gov-scott/email-the-governor/) and express your opposition.
This article originally appeared in Daily Business Review under the headline “Governor, Foreclosure Bill Needs To Be Vetoed.”