HB 1191 - Florida Fair Foreclosure Act

• Establishes new publication requirements for foreclosure notices, including newspaper publication twice weekly for 2 consecutive weeks with at least 5 days before sale, plus online publication on newspaper websites and www.floridapublicnotices.com

• Requires mortgage foreclosure complaints on residential 1-4 family dwellings to contain affirmative allegations that plaintiff owns the note and mortgage, details chain of custody, and attaches all assignments as exhibits

• Mandates specific foreclosure notices to mortgagors in bold 14-20 point type explaining the foreclosure process, risks, and resources, and requires tenant notices on colored paper when applicable

• Creates alternative foreclosure procedure (without public sale) for residential properties when debtor consents, abandons property, executes deed in lieu, or nonhomestead property has no equity, subject to 30-day notice period and right of objection

• Modifies deficiency judgment procedures for owner-occupied 1-4 family dwellings by limiting attorney's fees to greater of 1.5% of principal or $1,500, and requires court determination of fair market value; shortens judgment entry timeframe from 90 to 45 days in uncontested cases