Florida foreclosures take place whenever a person is negligent about his or her payments for the home loan taken, or to pay their mortgage. These Florida foreclosures are seen in all parts of the state – from the richest suburbs, to the affordable townships. The root cause for this is the incapability of the prime bread winner of the family to churn revenue to pay the debt. Even factors like divorce and death lead to foreclosures, and basically the lending house or bank is forced to seize the land or the estate when dues are remunerated.
Since Florida is a judicial state where a court system processes each of these matters. This means that there are several banks and courts involved in the entire process of the foreclosure of these distressed properties, and thus in turn each individual foreclosure has its own timeline for the finalization of the foreclosure.
There are a few steps taken before the actual foreclosure is made. The first step falls under the Pre Foreclosure period in Florida. Here, the mortgaged house has not paid payment however a time span is given before the house is seized. The next step is a Notice of Default is sent to the house stating how much is owed to the lending house or bank. If the Florida resident is then able to pay back the dues, he or she is not taken to court; else he or she is listed on the Lis Pendens – which means that there is legal paperwork filed against them in the closest Florida County Courthouse. Thus begins the process for the lawsuit. The next step is the Notice of Action which is sent to the borrower stating the intention of the lending house to retake the land if dues are not met.
If the payment is still not made, then the mending house is forced to take over the property. The county and the mortgage company will then put up a notice for eviction and then seize such distressed properties. After which, within 3 to 6 weeks the house will be resold. There is also a process called Redemption, this means the previous owner can take back the land if he or she pays the entire remainder mortgage amount, and move in as well as take ownership again.
If the house does not get sold, then a Sheriff’s Sale takes place. This means if the house is not sold, an auction, called the Sheriff’s Sale, takes place. Here the house is sold to the highest bidder. Remember, to research online if you have sort of query about Florida foreclosures, and remember to double check everything before investing in anything.
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