Posted On: April 10, 2010
Jacksonville Bankruptcy Attorney Advises When Foreclosed Homeowners Have to Go
One Jacksonville bankruptcy attorney says that many clients who have been served with a Notice of Default from their bank because of delinquent mortgage payments often wonder when they will have to leave their homes.Florida is a judicial foreclosure state, which means the lender must file suit; a court order of foreclosure will detail how the foreclosure must take place. Florida also has Equitable Right of Redemption, which means that a property owner has the right to redeem their property from foreclosure by paying the amount owed; however, the Equitable Right of Redemption ends at the foreclosure sale.
Following a foreclosure sale, there is a period of time when the court reviews the sale to ensure a fair price has been paid (usually 10 days). At that time, the homeowner, the lender or the buyer can object to the sale based on several pre-determined criteria, including collusion, improper procedures, etc.
The fact is, there are currently over 500,000 foreclosure cases awaiting disposition in the Florida court system, so it may be quite awhile before an action is heard, a sale takes place, and the homeowner is forced to leave their home. In fact, you may need to stay in your home until a sale is completed or face the consequences of “abandonment”, which could severely limit your access to assistance programs in the future.
If you have received a Notice of Default or are facing foreclosure in Florida, contact our Jacksonville, Florida bankruptcy law firm.
Greg Gilbert
Keith Maynard
