CS/CS/HB 1523 - Homeowner Relief and Housing Recovery Act

• Establishes an alternative nonjudicial foreclosure process in Florida (Chapter 52) for lenders to foreclose on mortgages and security interests without using the court system, effective July 1, 2010

• Requires secured creditors to provide notice of default with 30-day cure period (or 90 days for non-monetary defaults) before initiating foreclosure, with exceptions for non-residential property

• Creates three foreclosure methods: foreclosure by auction, by negotiated sale, or by appraisal, with required notice periods between 90 days and 1 year from original notice of foreclosure

• Limits deficiency judgments against residential debtors to cases where debtor fails to act in good faith (e.g., willful waste, fraud, failure to vacate within 10 days, or significant property damage)

• Exempts homestead debtors from court filing fees when challenging foreclosure and allows them 45 days (instead of 20) to file judicial objections; permits debtors to demand judicial foreclosure process instead of nonjudicial proceedings