Foreclosure Process- Wellington Florida Foreclosure Information
The process of Foreclosure is different in different states. 
Not all states handle or treat the foreclosure process the same. A lot of how the foreclosure process works is based on how you take title to your property in your state.
In Florida- we are a deed state NOT a trust deed state. This does make a difference in how the process will work.
In Florida- we are a judicial state in the Foreclosure process. That means that your lender has to go to court and ask the judge to sign over the transfer of title back to your lender.
The court process can take anywhere from a few weeks to over a year or two.
- If you are not making your mortgage payments you will be sent a letter letting you know that your lender intends to file a lawsuit against you and to enforce their right to foreclose on your property.
- You will first get a letter letting you know you are late on your payments and that you need to catch up on your payments.
- Next you will get a demand letter stating that your lender plans to accelerate your loan which means that it will be all due and payable because you failed to keep your end of the deal- which is to make your mortgage payments.
- Then you will get your acceleration letter.
- Sometime after that- it can be as short as twenty days to as long as months after the last letter- your lender will file a lis pendens and have you served with a foreclosure law suit.
You must respond to this law suit within 21 calendar days which includes the day you are served. You have to be served by a deputy or process server unless you have an attorney. But if you have left your property and left without a forwarding address there is no way to physically serve you. In that case, the lender has the right to publish in a newspaper their intent to sue you to foreclose.
You can get an attorney who specializes in foreclosure defense to give you time to do a short sale or other work out options. During this time you get to live in your own home. No one is going to kick you out of your home until after the foreclosure is final at the courthouse.
We can usually get a foreclosure final date canceled or postponed once we have a good offer on your property and the appraisal has been done by your lender. But don't wait until the last minute to call us. The time to act is straight away.
You need to call to go over your options once you know you no longer can make your mortgage payments. We get so many calls from homeowners who want to sell their home as a short sale after they receive their summons and complaint- the law suit filed against them- and that puts us all in a time crunch. It can be done and we do this often however you will have a lot less stress upfront by responding right away and getting your options looked over early on in the foreclosure process.
Contact Nestor Gasset or Katerina Gasset at 561-753-0135 to see if you are a candidate for a possible short sale. To learn more about short sales- read Florida Short Sale information on our website.
Foreclosure Process- Wellington Florida Foreclosure Information- Copyrighted © by Katerina Gasset *2009* All Rights Reserved.
Nestor Gasset and Katerina Gasset- Realtors®, CIPS, ABR, SFR, GRI, REOS
Good post, far too often do we get Sellers who are already a long ways into the foreclosure process and we have to press hard to get an offer submitted to the bank
Ethan- Ah, we get calls on the 15th day of service and we get calls when they have a foreclosure date set! Many people are in denial and think that inaction may help the situation.