Do you know about the foreclosure process in Florida or how to stop foreclosure in Indianapolis?
Knowing the ins and outs of the foreclosure process in Florida is crucial, considering the state is the leader in foreclosure fillings.
So whether you’re in the process of having your home foreclosed or you’re looking to place a bid on a foreclosed home – knowing the process will allow you to successfully navigate through the process so you can fulfill your goals and meet your targets.
The importance of knowing Florida’s foreclosure process cannot be understated, considering most homeowners facing foreclosure are not familiar with the Florida Foreclosure Timeline – if you want to get through a foreclosure you need to arm yourself with knowledge related to the foreclosure process.
This article aims to accomplish just that – it’s my goal to bring calm to the chaos by discussing the foreclosure process in depth.
1. Missed payment
The foreclosure process begins with a missed payment – you’ll usually get a grace period of 10-15 days to make up for the missed payment. The failure to do so will result in late fees, not to mention the loan servicer will usually begin contacting you, seeking answers for the missed payment while trying to determine whether the loan will become over 30 days past due.
If you’ve missed your payment, it’s important to communicate with the loan servicer – bad times sometimes ensue so if you know you won’t be able to meet your payment for the month – get clear about your loss mitigation options.
2. Payment becomes over 30 days past due
If you failed to make your monthly payment and 30 days have passed, you’ll receive a ding on your credit report. Although this may not cause serious repercussions for your credit score – it will definitely lead to a decrease.
You’ll also receive further contact from the loan servicer during this point in time – you’ll receive calls and mail from the servicer, asking to collect on the late payments.
It’s important to realize that if you find yourself unable to fulfill your financial obligations – the worst thing you can do is avoid the calls. Instead, you need to look into your loss mitigation options and figure out an arrangement that keeps you from having to foreclose your home.
3. Pre-foreclosure review
If you haven’t made your payments for at least 120 days – the loan servicer will usually begin the foreclosure process by arranging the case for court.
4. Breach letter is sent out
You may not have known in the past, but the breach letter is actually the first step in the foreclosure process in Florida.
The breach letter serves a variety of purposes, from informing you of your outstanding balance to providing you with opportunities to pay your owing account balance.
During this point in time, it’ll be wise for you to contact a foreclosure defense attorney if you know you won’t be able to make the payments. After 30 days of receiving the breach letter, the loan servicer will typically go ahead and begin the foreclosure proceedings.
5. Case goes to court and the discovery process begins
Once the loan servicer has filed the case for court – you’ll officially begin the court process. The process usually begins with the discovery stage, consisting of the discovery of all relevant documents, from depositions to responses to interrogations.
The foreclosure process in Florida is quite unique, considering the state has different kinds of trials devoted to foreclosure actions.
From bulk trials to trials set for an extended period of time – your case will be appointed to the most appropriate trial.
7. Entry of final judgment
The courts will go ahead and set a foreclosure sale date if the lender wins the trial – usually the sale will occur within 30 days.
8. Foreclosure sale
Once the foreclosure date has been set – state laws specify that the foreclosure sale must be advertised in newspapers and related mediums for at least two consecutive weeks.
Once the foreclosure date arrives, the highest bidder will claim ownership of the foreclosed property.
After the sale of the foreclosed property is finalized, transfer of ownership has officially occurred, meaning the new owner has the right to evict the old owner. If your house has been foreclosed, it’s wise to pack up your things and get moving – evictions will only go to further complicate the situation, resulting in unnecessary headaches and emotional trauma.
Now that you’re familiar with the general foreclosure process in Florida – it’s time to employ this knowledge to successfully navigate through the process.