MIAMI-DADE FORECLOSURE ORDINANCES:
NEW OBLIGATIONS, PENALTIES FOR LENDERS

LAW MAY FORESHADOW SIMILAR ORDINANCES NATIONWIDE

The increase in foreclosure actions means unprecedented backlogs for courts across the nation, a situation that entails inconvenience to both purchasers and lenders. In Miami-Dade County, new ordinances are exposing lenders to fresh liabilities during the foreclosure.

This issue is important because similar ordinances have been implemented or are being proposed in other jurisdictions, creating a new national landscape for the foreclosure process. Prudent lenders may need to revise their existing loan documents, obtain new insurance coverage and attempt to have receivers appointed to oversee properties in foreclosure.

For our readers, we have prepared a brief overview of the new Miami-Dade County ordinances and their significance for lenders across the United States. Please read it here.

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