Foreclosure is an all too
familiar reality in the Sunshine State, with some 1.36 million
properties facing repossession in 2013 alone. If you’re one of the
many homeowners who may be facing foreclosure, you’re first
reaction may be to panic. However, the best way to face this
challenge is to arm yourself with knowledge. Below is a brief
timeline of the foreclosure process in Florida:
Notice of Default
If you become delinquent on
your mortgage payments, your bank or lender will send you a notice of
default confirming this fact and providing instructions on how to
settle the balance. This usually happens at least 30 days before a
foreclosure complaint is filed.
Case Filing and Lis
Pendens
Fail to pay the amount due
within the allotted time and your lender will formally file the
foreclosure suit against you. The lender, via its attorney, will also
file a lis pendens (lawsuit pending) with the county—a public
declaration that your property faces foreclosure.
Service
Once the case has been
filed, the lender will hire a process server to serve you the
complaint and court summons. These documents must be served within 30
days of filing the foreclosure case.
Response
Upon being served, you now
have just 20 days to contest the case. If you fail to do so, the
lender can ask the courts to enter a summary judgment on the lawsuit,
which grants the latter to sell reclaim and sell your home.
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