New foreclosures plummeted 72 percent statewide in the month after the enactment of Florida’s notorious fast-track foreclosure law while the number of cleared cases increased minimally.
In the first statewide report since the law went into effect July 1, court administrators found just 4,386 new foreclosures were filed against Florida homeowners in July, down from a monthly average of 15,434 recorded the previous year.
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The Palm Beach Post first reported in August that the fast-track foreclosure bill has put the brakes on new filings. The new law requires banks to have specific paperwork when they file their initial complaint, including proof of loan ownership and that they are the correct party to foreclose.