Posted On: November 21, 2010
Jacksonville Foreclosure Lawyer Details How Foreclosure Works
Florida is a judicial foreclosure state, which means that your lender must go to court to start the foreclosure process. Judicial foreclosure is considered more consumer-friendly than nonjudicial foreclosure, where a lender can foreclose without having to show proper legal authority in a court of law.Generally speaking, this is how a judicial foreclosure process works:
Missed Payments – even if you miss just one mortgage payment, a lender can start the foreclosure process. However, in today’s environment, most lenders wait many months before taking action.
Notice of Intent Sent – the lender sends you a notice of intent to begin foreclosure proceedings, letting you know that this action can be stopped if you make up the missed payments, usually with interest and other costs.
Lender Files Suit – if you do not make the payments outlined in the Notice of Intent, the lender then proceeds to court and files a lawsuit.
Lender Gives Notice of Suit – you receive notice of the lawsuit via a Summons and Complaint.
Homeowner Response – you usually have 15-30 days in which to respond if you plan to contest or argue the lawsuit brought by your lender. Either way, the lender must prove to the court that the foreclosure is justified. If you don’t respond, the court will likely issue a default judgment that allows the lender to sell your home.
Notice of Intent to Sell – if the lender obtains a judgment, they will send you a 10-day notice of intent to sell. If you can pay off the entire mortgage at this time, you will be able to keep your home.
Auction – if your home does not sell at auction, then your lender becomes the legal owner.
Eviction – you will not have to leave your home until you are served with an official written eviction notice. If your home did not sell at auction, there is a pretty good chance that you will be able to stay in your home payment-free until the lender can sell.
For more information on your rights as a homeowner in the Florida foreclosure process, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
