Don’t let the Bank Win.
Your home is your most important asset. The thought of losing it can certainly be a good reason to keep you up at night. If you’ve fallen behind on your mortgage, what you do next can make the difference between saving your home and losing it to the bank.
🏛️ Do you have an Auction Scheduled?
There are many steps along the way where we can stop the process that can result in losing your home to the bank. If you have an Auction scheduled our team can act quickly to help stop the Auction. We have helped many homeowners facing Foreclosure Auctions.
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Florida Foreclosure Timeline
Post Covid 2024: Typically 8 to 14 months
1. Missed Payments
Homeowner misses 1-3 mortgage payments and incurs late fees.
2. Notice of Default
The lender notifies the borrower that they are in default on their mortgage.Â
3. Lis Pendens Filed
The lender files a Lis Pendens, or “suit pending”, at the county courthouse. This is a lawsuit against the borrower for defaulting on their mortgage.
4. Service of Process
The lender serves the summons and complaint with lis pendens to the borrower. This is usually done by hand-delivery by the county sheriff or a licensed process server.Â
5. Response
The borrower has 20 days to file an answer with the court.
6. Foreclosure hearing
If no response is filed, the lender can request a default judgment to dispose of the property.
7. Auction Scheduled
The sale is typically scheduled 30-60 days from the date of Judgement date.
8. Right of Redemption
Even after the court has entered a final judgment of foreclosure, the homeowner still has the right to redeem the property, but they must pay the total amount stated in the final judgment, which usually includes additional fees and costs. The right continues until the moment the foreclosure sale (auction) is conducted.
9. Home sold at auction
After the Auction: In Florida, once the foreclosure auction is held, the homeowner’s right of redemption ends.