Foreclosure
is a process best avoided at all costs. However, knowledge of Florida’s
foreclosure process can help you understand what you need to do if you find
yourself sucked into it in the future. The process takes place as follows:
- You fall behind on several mortgage payments.
The mortgage servicer starts calling to remind you of your delinquency and
tries to collect payments. The servicer may try to work out a deal to help
you stay current on your loan, such as a loan modification, forbearance, or
payment plan.
- You are sent a breach letter informing you
that your loan is in default. The letter will demand you to cure the default
and will recommend an action to do so.
- You become delinquent on your loan for 120
days and the mortgage servicer gains the authority to file a case against
you in state court to start the foreclosure. You are served a summons,
which gives you 20 days to file an answer. If you don’t file an answer, the
lender gets a default judgment from the court, otherwise…
- You provide a reasonable defense and the case
goes to trial.
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