What are the Steps to a Foreclosure
Published Tuesday, December 22, 2015
Updated Thursday, January 21, 2016
Falling behind on mortgage payments every month makes it difficult to catch up. Consequently, with the added compounding interest and late fees each month, eventually you will find yourself in a situation that cannot be turned around without professional assistance to prevent foreclosure.
If you are facing foreclosure on your home or business, make sure you choose a foreclosure attorney in Orlando, FL with many years of experience and who is highly skilled in foreclosure defense. Be sure your foreclosure attorney is one who will work to find a solution for you, with the ultimate goal of you keeping your home or business.
Foreclosure Process in Florida
Since Florida is a judicial state, all foreclosures are processed through the court system. This usually takes about five to six months from start to finalization. The pre-foreclosure period is the window of time when the mortgage holder still has physical possession of the property while foreclosure proceedings are in progress.
Steps to foreclosure in Florida are:
Notice of Default – This is written documentation from the mortgage lender, outlining amounts owed, including late charges. Payment terms, to prevent foreclosure, are stated in this document.
Lis Pendes – This is a motion filed, at the county courthouse, by the mortgage lender stating intention to foreclose on the property. The court then notifies all parties involved.
Action – The next step in the process is the initiation of a Notice of Action. If the mortgage holder does not pay per the terms in the Notice of Default, a Notice of Action is made public in the local newspaper, outlining foreclosure intent.
Foreclosure Action – This is a lawsuit filed in the county where the property is located. This serves as a notice of eviction and removal of ownership, and states an auction date and place where the property will go up for sale.
Redemption Period – This is the period of time when the mortgage holder has the right to pay off the mortgage in full, any time before the auction.
Sheriff’s Sale – This is the last step in the foreclosure process, when the property is auctioned off at the county courthouse to the highest bidder.
If you need help, don’t wait. Seek the help of a good foreclosure attorney in Orlando FL before a Notice of Default is served. This will buy you time to prevent foreclosure and to keep your property.