Abstract
The State of Florida has the highest inventory of foreclosed homes in the nation, the highest payment delinquency rate in the nation, and the slowest foreclosure system in the nation. This combination of factors has created a foreclosure crisis in Florida that eclipses the problems experienced by any other state. Florida's inability to work through this crisis has crippled any potential recovery in the housing market and is putting Florida at an economic disadvantage. Based upon current analysis, the number of foreclosures is only predicted to rise in the near future. Unless Florida is able to reform its foreclosure system in a way that greatly increases efficiency, this crisis will persist and prevent any potential economic recovery indefinitely.
This Note will analyze Florida's current foreclosure system, determine its many shortcomings, and recommend a solution. In order to recommend a solution, this Note will analyze the past and present actions taken by the state in response to the foreclosure crisis. This Note recommends instituting nonjudicial foreclosure in Florida, alongside traditional judicial foreclosure, as a more effective way of dealing with the foreclosure crisis. To justify this recommendation, this Note examines persuasive economic and noneconomic reasons why Florida should pursue a more efficient foreclosure system. This Note examines how nonjudicial foreclosure has been proven to be a more efficient method of handling foreclosure proceedings, and why this will help the state. Finally, this Note looks to current nonjudicial foreclosure systems in other states to determine which method represents an answer to Florida's particular foreclosure issues.
Recommended Citation
Brian Tackenberg,
Instituting Nonjudicial Foreclosure in Florida: When It Comes to Foreclosure, Florida's Judiciary Should Let Lenders Lead,
64 Fla. L. Rev.
1839
(2012).
Available at: https://scholarship.law.ufl.edu/flr/vol64/iss6/10