Q&A: Foreclosure process?
Query by angy_sr: Foreclosure process?
I stop paying my mortgage in June, and I have to intention of keeping my property, I was wondering if I am going to acquire a letter from the lawyer to evacuate my home? I reside in florida and can’t discover anything on the web that shows the foreclosure process, I would like to know if I am going to get notify or if a person going to come to my house for eviction from one particular day to another??
please support 
Greatest answer:
Answer by spiritwalker
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Tags: Foreclosure, Process
Comments (5)
Here is a link for you:
http://www.realtytrac.com/foreclosure_laws.asp?strState=Florida
so they will send you a letter and if you do nothing, you’ll have around 3 months to save your house. If you cannot make your back payments or settle a payment schedule with the lender, it’ll go to auction and you’ll lose your house. You can live in your house up until the close of the auction.
The lender’s going to file a public notice of default by which you will be notified, and all other parties who have a lien or deed of trust on the property. The lender will then take ownership of the property with the intent to sell to cover the remaining principal portion of the loan.
here are the foreclosure processes for all states and the timelines for each. simply click on your state.
good luck
http://www.foreclosures.com/pages/state_laws.asp
You should receive what is called a notice of default. If you have not received this yet then chances are your lender wants you to contact them and work something out.
If you have 30% equity in your home, then a short sale, if allowed by the lender, would work for you.
Also an investor would be interested in buying the home if you had the 30% equity and you might even get cash out of the deal.
You could sell the home yourself as well before you get the notice.
A lender will send out a notice of default. An attorney will also put a legal notice in the paper if it is to be auctioned off. You are usually told a date and you must comply with that date.
I would contact the lender and see what you can work out with them. That is usually the best way because they do not like to foreclose on anyone, it costs them way more than they can handle.
If the lender sells the home for less than what you owe, you would be responsible for paying the difference plus the court costs and other costs related to the foreclosure. Also it goes against your credit and can take sometime to clear up. If it goes that far, you will also have a lien against you that will have to be paidoff or satisfied for you to purchase another property.
Whatever date is given this is when you need to have yourself and all your personal belongings out of the house.
Hi, well, the process itself takes several months.
First you will be sent a notice of default, normally 60-90 days late. If there is nothing done within a reasonable time, they will place a notice of liz pendens on the property which will give legal notice that they are staring foreclosure procedures.
The foreclosure sale of the house will then be advertised for 2-4 weeks before the actual sale. You will receive an eviction notice about the time of the sale.
All told, the process takes 4-8 months, depending on the situation and how aggressive the bank is in foreclosing.
However, there are options to going through foreclosure. When I was younger I went through a divorce/foreclosure bankruptcy and it took many years to recover from it. There are ways around it, even if you owe more than the property is worth, or the house is in bad shape, or whatever is the problem. Taking care of the problem will be a much greater benefit to you over the next 10 years then simply doing nothing and letting it happen, even if you have no desire to keep the house.
I wish you well.