A controversial measure to speed up foreclosures fell by the wayside as lawmakers called it quits this past week.
The proposal (SB 1890/HB 213) would have accelerated foreclosure proceedings on abandoned properties and also made it easier for lenders to complete proceedings in cases in which both parties agreed to end the process.
For consumers, the bill would have reduced the length of time lenders could go after a borrower following a foreclosure sale from five years down to one year. Backers said the change would have allowed homeowners to get on with their lives.
Other provisions, however, were more lender-friendly, including relaxing the restrictions on foreclosing on abandoned property and limiting damages in foreclosure cases to monetary damages.