The Banksters are claiming that they are here to help release the burden of our overloaded and short of cash courts. The Banksters are saying that they are really here to help you.
The Florida Bankers Association has drafted a 55 page bill called The Florida Consumer Protection and Homeowner Credit Rehabilitation Act- which you can read right here.
Now, how many people here believe that the banks really have the homeowners best interests in mind? See how sneaky the name of this bill is?
Joe Manausa of Tallahasse Real Estate wrote an article that sums up a lot of the lies and misconceptions of this bill. You can read: Does The Florida Bankers Association Think You're Stupid? Here.
The banks are the ones that are NOT foreclosing on the homes here in Florida. Yes, the courts are backed up but that is not the reason that the banks are doing this. They claim that 37 other states already have non judicial foreclosures and so Florida should too. Well, let's see, Georgia has non judicial foreclosures and they are worse off than Florida is. They have blighted neighborhoods with lots of foreclosed homes that are NOT taken care of and not kept up yet the Banksters want you Florida residents to believe that these banks are going to somehow start taking care of your neighborhood???? PLEASE!!!!!
It gets worse. This bill is so toxic that the Banksters refuse to release the legislative sponsor of the bill. Hmmm, could it be that this person's political life will be over once revealed????? Do not give up your judicial rights!
As agents- you think short sales are hard now? At least we can get judges to postpone foreclosures so we can get short sales done. We can get time. In non judicial states- the agents are fighting unrealistic time clocks! Right now we can get short sales done to help homeowners. That is moving a market. But creating more shadow inventory is not.
Even if you are making your mortgage payments on time you need to understand what this bill really says and what it is all about and it is NOT about helping you and your neighborhood. Put yourself in someone else's shoes. Let's just say that you lost your job. Then you went behind in your mortgage payments. But then in 3 months you get another job and can start catching up on your mortgage payments. In our JUDICIAL state; you can go before a judge and ask him to grant you the time to catch up on your payments. With this bill all you are going to get is a Deed In Lieu in the mail! WOW! What a gift from your bank that would be!
But wait, there is MORE!!!!
Please read this entire post because there is much more for you to learn here. This is SO important!
Do you really think this bill is about helping the consumer as the title of the bill eludes to? Please quote me one time where the banksters did something for you. Everything they claim to want this bill to do the banks can already do except they must go through the courts to do it. The carrot they are dangling is a release of deficiency with a Deed in Lieu. But don't grab your carrot so fast.
As Joe points out in his post- the banksters really want to be able to control their ability to foreclose. There are underlying sneaky tactics that they are going to be able to pursue. Even if you plan to live in your home for 30 years and you always make your mortgage payment on time, this bill stands to effect you.
Because even if you do pay on time every month, pay your taxes, pay your HOA, pay your insurance but the market value in your house drops- there is a very sneaky piece of fine print in your mortgage that states that the bank can require you to make up the difference in the loss of value. Most banks don't try that one here in Florida because guess what!!! The judges are not very thrilled about things like this and you could fight this in court. What if the difference in the market for your home was $20,000 or $60,000. Could you pay that to the bank at their request right now? You see, a judge knows that and you can have your day in court over this issue. Sounds to me like a sneaky way for the banks to raise capital quickly or else foreclose on you.
What the banks really want is the ability to foreclose on any property that they desire to do so to.
And there is still more!
The Bankers Association did not stop with this bill in the House but they also created another bill for the Senate, one that is broader and just another way to gain control.
This one is called: The Nonjudicial Foreclosure Act For Nonhomestead Properties.
Another sneaky way to get in one door that the Banksters are hoping on. This bill is like getting the homesteaded homeowners to attach those that come here for vacations providing income to our state or those with second homes or even those who do live here but are investors. Take away their rights to go to court, sounds like a plan to most people but again, you must read beneath the title. You have to read these bills. If you give them an inch they will take a mile.
There is a section in this bill that says that the banks will also be able to use nonjudicial proceedings for "abandoned" properties. Well, Nestor and I are constantly going to listings we have where the banks have changed the locks even when the homeowners are still living there and the banks claim they thought the house was "abandoned". This is another snow job in a state where it is not supposed to snow. Don't let them kid you.
Now, this bill has a sponsor that has put his name out in the open on it. We are calling out to our friends in Bradenton Florida to put pressure on your Senator!
This bill is being sponsored by Sentor Michael S "Mike" Bennett- District 21- Republican. I don't know if he was planning on running for the Senate again as we do have term limits in Florida. Nevertheless, contact him ASAP to let him know this is not good for your property rights.
Here is the Flyer that you can print out that you can sign and please send in to your elected members of the Florida Legislature. You can also go directly to: http://www.PigsAss.org to get a link to pass along to all of your friends, neighbors and people at work. If you are a Realtor® please go to your RPAC at your boards and get them on the side of the homeowners and property rights which is what the essence of NAR is supposed to be about.
Stop These Bills Now. Protect Your Right To Judicial Procedures- This is being called the Trojan Horse Bill. Please reblog. Please pass along to all Florida Residents now. Don't forget, don't delay, do it now.