FLORIDA FORECLOSURE

In an online article written by Les Christie, CNNMoney.com staff writer for publication on March 26, 2007, the following figures were revealed concerning the number of Florida foreclosures. “ There were more than 19,144 properties in some stage of foreclosure in February in the Sunshine State, up 63.5 percent from January and nearly double the number a year earlier.” The article continues by stating that Florida foreclosures lead the nation. If you are a Florida homeowner and are facing the possibility of Florida foreclosure, contact ApartmentStores Moving and Relocation for valuable assistance in locating the information that you will need to save your home.

Time is of great importance to the homeowner who is having difficulty in making the mortgage payments in a timely fashion. To simply ignore the issue is not an option and almost always assures the loss of the home. Acknowledgement that the problem exists and development of a plan of action are the first steps needed to save the home from foreclosure. An honest appraisal of the reasons for the delinquent payments and determination if these reasons can be reversed need to be made immediately.

Florida’s Foreclosure procedure is completed through court proceedings. The procedure in Florida takes approximately five months to complete. A Florida foreclosure consist of two stages:

The Pre-foreclosure Period:

A lender files court action and records a notice of a pending lawsuit against the borrower. The lender is notified by the borrower and other affected parties in person, by mail or publication. Failure of the borrower to respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. In the courts ruling against the borrower, the total amount owed to the lender and the date of the foreclosure sale will be set.

The foreclosure can be stopped up until the date of the sale by paying the total amount owed to the lender.

Notice of Sale / Auction:

The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual court. The clerk of court issues a notice of sale containing the location, date, and time of the sale.  The notice is published once a week for two weeks, with the second notice appearing at least five days before the sale.

The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m. on the sale date. The winning bidder must provide a 5 percent deposit and pay the remaining balance by the end of the day or a new sale is scheduled a minimum of 20 days later. After a successful sale, the clerk gives a certificate of sale to the winning bidder. Within 10 days of the sale, the clerk transfers ownership to the winning bidder if no one disputes the sale.  In most instances, a borrower has no right of redemption after the certificate of sale is issued. Individuals facing a Florida Foreclosure may contact ApartmentStores Moving and Relocation and review the vast resources that are available.