When
a homeowner consistently fails to make payments on his mortgage, the
lender that holds the mortgage note may pursue foreclosure on the
property. The lender initiates the foreclosure process by filing
records with the court. Foreclosure transfers the legal ownership of
a property to the lender so it can take measures to recoup its
investment.
How
will you know when you’re actually ‘in foreclosure’?
In
legal terms, foreclosure means that a foreclosure lawsuit has been
filed against you by your lender. Although your lender may send you a
lot of paperwork when you fail to make payments, you aren’t ‘in
foreclosure’ yet unless a process server knocks on your door and
serves you or an adult member of your household a summons and
complaint telling you that foreclosure proceedings have been filed
against you in the appropriate court.
How
many days do you have to respond to the foreclosure lawsuit?
In
Florida, those who have been served a foreclosure summons and
complaint have 20 days to respond. In this case, responding means
preparing a written legal defense and filing it with the Clerk of the
Court in the county where the suit has been filed. If you fail to
file a response within 20 days, the bank can obtain a default against
you.
For
more information on these topics, get in touch with a foreclosure
attorney.
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