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Some official opinions on Florida ’s Foreclosure Fraud Law FS 501.1377
A few weeks ago, I gave my "unofficial" opinions on this controversial new law that is now Florida Statute 501.1377 (formerly HB 643). You can read the entire 14 page law at this link. Now some official opinions have come out on it.
The big issue is that many non-scam artists appear to NOT be exempt or to be only partly exempt including lawyers, title companies, real estate brokers, sales associates, and owner occupant buyers. Here are some opinions that have come out on the new law:
Jacksonville bankruptcy lawyer, Chip Parker: Web link
South Florida foreclosure lawyer, Michael Wasylik: Web link - He goes so far as to say that legislators now realize the law has a "glitch" in it because of the exemption issues.
Orlando lawyer for the Orlando Regional Realtor Association, Jim Mitchell: Web link
Andy Tolbert, Realtor and a director of Investors Resource Center in Central Florida: Web link
I have also seen a bulletin from First American Title that sets forth a big stack of new procedures for dealing with foreclosures. These procedures are going to make title agents, attorneys, Realtors, and investors wanting to close a foreclosure or short sale transaction have to jump through quite a few extra hoops. It might actually kill ... more
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