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The new Florida Foreclosure Fraud Law FS 501.1377 - arriving statewide on 10/1/08
That's right. This new foreclosure law goes into effect on October 1, 2008. That's just 8 days from now.
This controversial Foreclosure Fraud Law a/k/a House Bill 643 a/k/a Florida Statute 501.1377 is coming at Florida real estate investors, home buyers, brokers and sales associates, title companies, home inspectors, short sale mitigators, and similar companies like a giant freight train. If any of the above people are you and you haven't read up on the new law, you had better start getting very familiar with it. Here is the link to the Florida Statutes for you.
I've already elaborated on the law many times over the last several months, so I am not going to do it again. At the bottom of this article, I referenced some links to my previous blogs so that you have some reference.
Just so everyone knows what steps I am taking so far, here goes... I have informed all my Realtors that if they are taking a listing with a property that is or soon will be in foreclosure, and they need to get the seller to agree to do or to sign anything except for a standard listing agreement with a short sale addendum that they also need to get the disclosure form ... more
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