0
A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens)against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date. The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What happens when you stop making mortgage payments?
The bank takes your house. * After a prescribed period of time the lender will begin foreclosure proceedings. In some US states the lender does not need to go through the court to implement a foreclosure and the action can be rapid. In states that require the lender to use prescribed legal procedure, foreclosure can take several months.
What happens if you let you house go into foreclosure in the state of Colorado?
These are all the mortgage walkaway trustee sale states, meaning they are non-judicial foreclosure states.In those states, generally, when they foreclose on you, they cannot pursue you for their financial losses.Many, such as California, do in theory allow a lender to choose judicial foreclosure but in those cases the lenders only do so if a borrower has significant other assets. This is the "one action" rule that lets the lender either pursue non-judicial foreclosure, at lower cost and less time, or judicial foreclosure that costs more money and takes more time but lets them go after you for their financial losses.AlaskaArizonaArkansasCaliforniaColoradoDistrict of Columbia (Washington DC)GeorgiaHawaiiIdahoMississippiMissouriMontana (as long as non-judicial foreclosure is used)Nevada - note that the lender CAN get a deficiency judgment (See below)New HampshireOregonTennesseeTexas (but even in a non-judicial foreclosure, the lender can pursue a deficiency judgment)VirginiaWashingtonWest VirginiaThese are states that also allow non-judicial foreclosure, and/or where non-judicial foreclosure is more common and deficiency judgments can be obtained more easily:MichiganMinnesotaNorth CarolinaRhode IslandSouth DakotaUtahWyoming
Where can one go in order to find mortgage foreclosure help?
The best place to get foreclosure help is from the institution that holds your mortgage. You may be able to renegotiate the terms of the loan and avoid foreclosure. Otherwise, Foreclosure Advisors can help you negotiate with the bank.
How may missed mortgages payment until you are in foreclosure?
Mortgages can be written with a lot of different terms and laws, especially real-estate laws, vary greatly state to state. State law also dictates the actual process of foreclosure. Foreclosure doesn't happen when you miss x number of payments. Foreclosure is the legal process of the bank or lender trying to take away your legal right to lay claim to any equity you have accumulated in your home. They do this so that, if and when they have to repossess your home, they don't have any problems trying to sell if because you still have a financial claim to the property. Foreclosure happens when you default and a bank decides they need to foreclose so they can then evict you and resell the house. If you are missing payments on your mortgage, you need to talk to your bank/lender and talk about what's going on. Banks do not like to have to go through all the work to foreclose, evict, and sell a home. But, if you are missing payments, you need to talk to someone to figure out what the options are and which option is best for you.
Where can one find more information about foreclosure investing?
To find good information about Foreclosure investing, go talk to a bank. Banks no everything about investing, and can answer any questions you have on the subject. Also, go find a Foreclosure representative. He can help you with finding good information.
I sold a home in Florida and owner financed it - need to foreclose - what are the steps and do I have to hire an attorney?
You would need to go to a law library in your state, study up on the CURRENT foreclosure law in Florida and follow all the steps very carefully. If you miss a step the foreclosure may be invalid and you'll need to do it again. You should consult with an attorney first.
Is there a website that has foreclosure listings in Georgia?
You can go to foreclosurelisting.com. The offer a state by state list of foreclosures including the state of Georgia.
What happens when you go into foreclosure in California?
When your home goes into foreclosure in California, the courts will give the homeowner a certain amount of time to move out. The homeowner can pay what is owed to keep the home.
My husband and I each purchased land in California. We live in another state. The properties are about to go into foreclosure. Which states foreclosure laws will apply?
Regardless of where you live, the state the property is located in will have law jurisdiction. If the property is in CA, then CA law will apply to the property when it goes into foreclosure.
Did emmitt smith go to Florida State or the University of Florida?
Emmitt Smith attended the University of Florida.
If someone in Washington state is wanted in Florida for a felony violation of probation will they be extradited back to Florida?
no the will go to jail in the state that they are in
What are Florida's state colleges?
Go to http://www.CollegeMaps.com
What year was Florida admitted to the union?
Florida was admitted to the union in 1845According to the state of Florida - Florida became a state on March 3, 1845. For more information go to the related link.
Are you aload to ride go carts on sidewalks in Florida?
can you ride a goped legally in the state of florida
What is the best college to go to someone can go to the NFL?
Historically, Miami, Florida State, or Notre Dame. Now, USC or Florida.
Where did Deion Sanders go to college?
Florida State University
What site can I go to to get a picture of Florida's state flag?
Go to http://www.50states.com/flag/flflag.htm, or you can do what I did to find the website, just type Florida state flag into the web browser area!
