The foreclosure process in Florida has produced many side effects. Among them is the legacy of forced evictions; blighted and vacant properties. All across the state, the effort to hasten the pace of the Florida foreclosure timeline has escalated eviction speed and had produced vacant properties at an alarming rate. Many townships and municipalities have been forced to reckon with bank owned properties that sit vacant.
Vacancies have been empirically proven to be associated with increased crime, blight, and depressed home values. Now, we bring you news of Little Egg Harbor Township, outside of Atlantic City, New Jersey. This township has been given the power by the state legislature to fine banks for their failure to properly upkeep their properties. Local authorities noted that many of the victims of bank failures were largely seniors and economically depressed families and neighborhoods.
With this in mind, we raise the issue of the foreclosure timeline in the Florida foreclosure process. The timeline for foreclosure in Florida has been noted as one of the longest in the nation. As a result, court administrators and legislators have carped that the Florida foreclosure timeline needs to be sped up. However, such shortsighted complaining fails to recognize the empirical data associated with vacancies, and fails to reckon with bank misconduct in failing to properly keep up properties. It is avoiding vacancies and evictions by any means necessary, rather than blindly speeding up the Florida foreclosure process timeline that will have empirically proven positive effects.