What is Foreclosure?
A foreclosure is when a mortgage lender assumes ownership of a property as a result of missed mortgage payments More…
The First Missed Payment
The loan servicer usually allows for a 10 to 15 day grace period on a missed payment and after that, a late fee may apply More…
30 Days Past Due and Multiple Missed Payments
Once the account becomes 30 days past due, the delinquency is usually posted to the homeowner’s credit report More…
Pre-Foreclosure and Loss Mitigation
A loan servicer generally waits until at least 120 days of delinquency have passed before filing a state court case to begin the foreclosure process More…
The Breach Letter
Lenders are required to send out this letter before officially beginning the foreclosure proceedings More…
Lis Pendens
Florida is considered a judicial foreclosure state, which means that the lender has to file a lawsuit in order to foreclose on a home More…
The Discovery Period
Before filing the motion for a summary judgment, the lender’s attorney and the homeowner’s foreclosure defense attorney, if they have one, may engage in a discovery period More…
Motion for Summary Judgement
If the lender was not granted a default judgement against the homeowner, and after a discovery period, they will usually file a motion for summary judgment More…
The Foreclosure Trial
If the motion for a summary judgement is denied, then a foreclosure trial date is set More…
Foreclosure Sale or Auction
The notice for a foreclosure sale is required to be published in a newspaper two weeks before the sale date More…
Deficiency Judgement
Another possibility after the foreclosure sale is a deficiency judgement More...
Eviction
Once the property is officially under new ownership, then the homeowner is obligated to leave the property More…
