In your banking and lending system, Americans who suffer financial stress that lead to missed mortgage payments can lose their homes. While there is a set of procedures in the foreclosure process, the actual timeline to complete the process varies greatly depending on a number of factors.
On average, the time takes to complete a residential foreclosure in the state of Florida has been between 24 and 30 months. However, in 2013, Florida Governor Rick Scott signed a bill to streamline foreclosures and shorten the process.
Although there are many twists and turns during the course of a foreclosure, we have created a super simple, quick reference guide to the process of a Florida foreclosure. While we can discuss this process at great length, we have elected to over-simplify the foreclosure process into the following Florida foreclosure process and rough timeline:
- After a homeowner defaults on a mortgage for a sufficient amount of time, the Lender will send a letter that the mortgage is being accelerated, meaning that the homeowners will have to pay the entire balance of the mortgage by a specific date.
- If the due date passes and the total amount of the mortgage is not paid, the bank will file a lawsuit for foreclosure. In this step, a document of “lis pending” will be filed in public record. The homeowner will then be served a summons which allows for a specific number of days to respond, followed by the filing of a lawsuit that includes the names of the owners and the details of the lien.
- Next the lender will set a hearing on motion for summary judgment. In this stage, you will have the chance to defend and respond. This is a very important time in the foreclosure process, as it is in this stage that it will be decided it a homeowner can recuperate the home or lose it. If you lose it, the house will be sold in auction.
- The foreclosure sale will occur on a specified date. Ten days after the sale, if no objections to the sale are filed, title will be issued to the buyer of the property. At this time, the previous homeowners are officially no longer the rightful owners of the property and must exit the property or face eviction.
While the duration of the process varies, the events that occur are fixed and can be extremely difficult for current homeowners to endure. If you are in the early stages of fear of losing your home, we may be able to assist in avoiding possible foreclosure proceedings by negotiating with your lender on your behalf. For those that are officially in some stage of foreclosure proceedings, we may be able to assist as well, by either saving your home through a loan modification or short sale, slowing down the foreclosure process, negotiating on your behalf, or other results.
Please contact us for foreclosure defense or any other real estate related service. Our office is located in Royal Palm Beach, FL and serves the entire South Florida region from West Palm Beach through Boca Raton, Fort Lauderdale and Miami.
The Law Office of Donna Hearne-Gousse, P.A.