What Happens When You Go Into Foreclosure

What Happens When You Go Into Foreclosure – Litigation is a scary and stressful experience. When homeowners receive a notice from a bank or lender, they often wonder how long it will be before they are forced to evict. What will happen in the meantime? Is there a chance to save the house? How long does the foreclosure process take in Florida?

All of these questions are excellent. Get answers from credit lawyers. If you are experiencing financial hardship, our Florida foreclosure attorneys can advise you about the Florida foreclosure process. You can count on us to explore all legal options to prevent you from losing your home.

What Happens When You Go Into Foreclosure

Every home buyer signs two very important documents when purchasing a home. The first is a mortgage, which indicates that you have a loan and the property is used to secure that loan. This note contains your promise to pay back the money you borrowed to buy the house. If you default, the mortgage agreement is the legal document that the lender will use to file a claim against your home.

What Is Foreclosure Homes Mean And How It Work?

If you fail to make a certain number of payments, the lender will file a claim against you to begin the foreclosure process in Florida. You will be sent a notice of non-payment.

Receiving this notice means you are in arrears on the mortgage you signed and the foreclosure process has begun. If you don’t hire an attorney now, the foreclosure process will likely end in six months and you will lose your home as a result.

When a lender files a lawsuit against you for defaulting on your mortgage, it files a summons and complaint with a lis pendens, which is Latin for “pending action.” The Summons and Complaint states that the lender has filed a claim for an unpaid mortgage and plans to repossess your home. Once the summons and complaint are filed in the district court, they become public records.

After filing a summons and complaint, the county sheriff will likely serve you with a summons and complaint. Many people try to avoid this, but it is better not to do it. If the creditor believes that you are trying to avoid notice, they will take further steps to serve a subpoena. This may include publishing the complaint in a local newspaper. When you receive a summons and complaint, it is important to read these documents carefully because they describe your rights and responsibilities.

How Long Is The Florida Foreclosure Process

After receiving the summons and complaint, you have 20 days to prepare a response. This is an important step in the foreclosure process in Florida. If you do not file a formal response, you may not have the opportunity to present your case and defense to the judge. This could result in the judge making a final ruling against you, meaning you could lose your home.

You can file an answer with the circuit court clerk yourself, but we recommend that you have an attorney do it for you. The response is your first chance to explain your defenses, such as whether the lender violated your rights as a homeowner during the mortgage or foreclosure process.

Many homeowners think that there is nothing they can do once they file a claim and complain. It is not true. Your answer may help you qualify for a preliminary hearing, giving you an even better chance of keeping your home.

After you file your answer, the court will set a date for a preliminary hearing. At this hearing, you will present your defense and state your side of the story. If the judge is sympathetic to your answer and thinks it’s a strong defense, he may ask the lender to give you more time to sort things out.

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If the judge does not believe that your response was sufficient to prevent or stop the foreclosure proceeding, he will rule in favor of the lender. At this point, the lender can begin foreclosure. Legal representation can also help in this situation. A Fort Lauderdale lien foreclosure lawyer will file a motion for summary judgment almost immediately. The courts may set a date for this hearing within a few days or weeks of the first hearing.

A motion for summary judgment hearing is not much different from any other civil action. The plaintiff or the lender’s attorney will argue why the courts should allow the lender to repossess the home. Your lawyer will rebut these arguments and discuss the essential facts of the case. Unfortunately, your best defense at this point is to provide proof of payment for the portion of the mortgage you have paid off.

If the judge rules in favor of the creditor, he will issue a final summary judgment. The judgment summarizes the amount you owe, including the amount of your mortgage, as well as principal and interest, penalties, and court costs.

If the judge allows the lender to repossess your home, the lender will conduct a foreclosure sale. This usually occurs 30-45 days after the final decision is made. The house is being sold at a foreclosure auction and needs to be vacated. The judge may also allow junior lienholders to purchase the property before the foreclosure sale date. In this case, you can still keep your home if you provide proof of payment before the foreclosure sale, usually about 10 days in advance.

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If the foreclosure sale does not generate enough proceeds to cover the amount owed on your mortgage, the lender may file another lawsuit against you. This will require a deficiency judgment, requiring you to pay off the remainder of your income and the remainder of your mortgage.

Of course, a foreclosure sale and deficiency judgment is the worst-case scenario of any lawsuit. However, they don’t have to go that far. A Fort Lauderdale foreclosure lawyer can develop a strategy to help you keep your home.

Loan Advocates has helped over 5,000 South Florida homeowners and consumers solve their credit problems. We have saved over 2,000 homes from foreclosure, eliminated over $100 million in mortgage defaults and consumer debt, and recovered over $10 million on behalf of our clients from banking violations, debt administrators and debt collectors. Contact us for a free consultation and find out how we can help you.

This post was originally published in April 2019 and updated in September 2021 for accuracy and completeness.

How To Avoid Foreclosure

Loan Lawyers is comprised of experienced consumer attorneys who use all available resources to develop comprehensive debt resolution strategies. Our goal is to ease this burden, solve these problems and allow our clients to rest easy knowing that they are on the path to a better future. A decree of foreclosure and period of sale refers to the legal declaration associated with the foreclosure of a debtor. property that is used to pay off an outstanding debt. Foreclosures and sale decisions are commonly associated with real estate loans and mortgages.

A court-issued writ of foreclosure and sale is a declaration that the borrower’s property will be sold to pay off an outstanding loan that is in default. Once the property is sold, the proceeds are used to repay all or part of the loan. These court orders are required in many states before creditors can begin foreclosure, although some states allow creditors to sell the property at any time.

Buying real estate doesn’t come cheap, whether you’re buying your own home or a rental property. To pay for real estate, most consumers must take out a mortgage or home equity loan. Once the loan is approved and issued, the homeowner is responsible for maintaining regular monthly mortgage payments.

When a borrower obtains a mortgage to purchase a home, the property serves as collateral for the loan. Lenders can foreclose on a property 90 to 120 days after default. The lender can take possession of the home and seize the property. But before that happens, a foreclosure and sale order may be required.

Deed In Lieu Of Foreclosure: What You Need To Know

As noted above, local laws and regulations in some jurisdictions may require creditors to obtain foreclosure and sale orders before commencing any proceedings. This is a court order that allows the creditor to take possession of the property, sell it, and use the proceeds to pay off the outstanding debt. Proceeds from the sale may also be used to cover the lender’s legal bills.

Foreclosed homes are being sold at sheriff’s auction. The proceeds from the sale will go to the mortgage lender to pay off the cost of the loan.

Lenders apply for foreclosure and writs of sale to satisfy any outstanding debt associated with the property in question. For example, a bank may seek a court order if a borrower defaults on a mortgage after four months.

Let’s say the remaining mortgage balance at that time is $300,000. What if the borrower cannot pay the full loan amount and only receives $250?

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