The foreclosure process in Florida is initiated when a person or a group of people are in serious debt the payment or are unable to pay the mortgage payment. A variety of circumstances can be a factor in the foreclosure process beginningwith an injury that is preventing work, the loss employment, divorce or other financial stress. A bank or lending institution takes the property back and then resells it to make profit.

Florida is a judicial country. Every foreclosure case must be dealt with by the courts. Due to the fact that banks are different and the courts involved, each case is distinct in terms of the duration of the foreclosure process. The typical timeframe is between five and six months from the initial steps until the conclusion of a foreclosure.

How to Avoid Foreclosure

The first step falls under the pre-foreclosure process. While foreclosure process is in progress, the mortgage holder may be late on payment however they are still in the house.

Notification of default

Notice of default is the initial sign of late payment. It is a written notice sent to the mortgage owner by the mortgage lender. It will explain how much you owe, as well as the date your payment due. A Notice of default will tell you how to stay current with your payments to stop foreclosure.

Lis Pendes

Lis Pendes is paperwork filed by the mortgage lender in the courthouse of the county. This document states that the mortgage lender is planning to pursue property owners if they do not receive mortgage loan. The court then creates the paperwork, and notifies all parties of the impending lawsuit as well as the specifics.

Act Now!

The next step is Notice of Action. Notice of Action is issued to the local paper when a homeowner defaults on their loan or becomes https://www.homelight.com/agents/joe-suryan-ca-01098757-2545 worse in debt. It details the demand in writing of mortgage lenders to pay on the loan , as well as their intent to seize the property in the event that it is not paid.

After the Notice of Action is posted, the formal foreclosure process begins.

Foreclosure Action

A foreclosure lawsuit, also known as an action filed in the county in which the property is situated, is filed. This outlines the intentions of the mortgage company to remove the residents and take over control of the property. They will announce the time and date of the auction when the property will be sold, ranging from three to six weeks in the future.

Redemption

In any moment prior to the sale of the property, the mortgage holder may return the property when they have the ability to pay off the mortgage in total. The process will be stopped if the mortgage holders can pay for the entire mortgage.

Sheriffs Sale

The last step of the foreclosure process is the Sheriffs sale. The Sheriffs sale is the final phase of the foreclosure process. The price is low to begin, but can rise if it's in a high-demand area. The mortgage holder who was the previous owner will lose all rights to the property, and the auction will be cancelled if an additional bidder is successful. Within ten days of the successful sale, the title is transferred to the winner.