Florida To Belt Mortgage Lenders With Big Hike In Fees When Filing Foreclosure Actions

In Tallahassee, Florida, the Sarasota Herald Tribune reports:

• The cost of foreclosing on homes and businesses will rise sharply under a bill lawmakers are expected to approve [Friday], a change that one state leader predicts may persuade lenders to try harder to work out alternatives with struggling borrowers.

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• Under the measure, the cost of filing foreclosure actions -- which are now $295 -- will be increased on a sliding scale. For properties under $50,000, it will rise to $395. For homes and businesses between $50,000 and $250,000, it will increase to $900. And for properties over $250,000, it will jump to $1,900 -- more than a sixfold increase.

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• "I think if I was a lender or someone filing a lawsuit I might have a little more incentive to try to work things out," [Lee Haworth, the chief judge for the 12th Judicial Circuit in Sarasota] said, adding there may be "a big jump" in the filings before the new law actually takes effect.

For the story, see Bill increases costs to foreclose.