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Florida carries out foreclosures though court proceedings. The foreclosure process in Florida takes about five months.
Pre-foreclosure Period:
A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens)
against the borrower.
The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender. But
if you are unable to catch up, this is where I come in....
It is reported that many homeowners don't realize the rising value of their home, often they can sell the home, avoiding
a foreclosure, and make a profit.
Even if you owe more than your home can sell for, there is a possility you can sell your home avoiding foreclosure. This
process is known as short sales. On a Short Sale, you only get one chance to do it right. If it isn't done right, it will
result in a foreclosure. This is a good way to keep a foreclsure off your credit record. Depending upon how the lender reports
the sale to the credit reporting agency, it will generally show up as a "sale of real property," or a "settlement."
It will not be reported as a "foreclosure."
If you are in the position where you are, or soon will be, unable to pay your mortgage payments, one of these type of
sales might be the answer.
If you are interested in more information, call Troy Hammock at (850)479-4600 or email thammock@hammockrealtyonline.com.
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