Before Foreclosure

Though foreclosure is something no one wants to face, it helps to understand the foreclosure process in Florida—especially since much can be done before foreclosure to better your outcome.

Missing One Payment

The road to foreclosure starts when you miss one payment. If you want to avoid foreclosure altogether, it is important to update payments as soon as possible. You will incur a late fee due to your missed payment, so be sure to take this into account.

A Brief Outline of the Florida Foreclosure Process

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:

Facing Foreclosure, Can You Save Your Home?

Your home is in foreclosure, do you have the money to save it? This is a question that every homeowner facing foreclosure must answer HONESTLY. If you don’t, it may be too late to try any option to save your home, and do whatever is necessary.

Understanding the Foreclosure Process

If you have worries about meeting your mortgage payments or have been served foreclosure papers, knowing how the foreclosure process works should be top priority. The foreclosure process is usually initiated by mortgage companies within 3 to 6 months after you first miss a mortgage payment. The whole process may move more quickly if you are already in default, so make sure that you obtain appropriate legal advice. 

Once a foreclosure lawsuit has been filed, you have 20 days to respond to the Summons and Complaint. The lender may move for a default if you don’t provide a response within the allocated period. A hearing will be held for summary final judgment based on the lender’s motion.