Florida Foreclosures
Foreclosures happen in Florida when an individual or group is severely delinquent in payments or can no longer make payments on their mortgage. Any number of situations can contribute to the foreclosure process beginning: an injury preventing work, the loss of a job, a divorce or other financial strains. Foreclosure is the process of the bank or lending institution getting the property back and reselling it to recoup their money.
Florida is a judicial state. This means that all foreclosures must use the court system for processing. Since banks differ and the courts are involved, the foreclosure process timeline varies slightly between individual cases. The average time frame is five to six months from the beginning steps until the finalization of a foreclosure.
Steps Taken to Foreclosure
The first steps fall under the pre-foreclosure period. The mortgage holder is late with payment, but remain in the property while the foreclosure proceedings progress.
Notice of Default
The Notice of Default is the first indication of late payment. It is a written notice sent to the mortgage holder by the mortgage lender. ...
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