Foreclosure Defense Lawyer - Stop Foreclosure Miami
Brief Overview of Foreclosure in Florida
The foreclosure
process begins when the bank files a lawsuit in court. After
the documents are filed, they are served on (delivered to) the
Homeowner. Once the Homeowner has been served with the
complaint they have 20 days to answer the complaint. If the
complaint is not answered, the bank's attorney can ask the
court for a judgment against the homeowner based on the fact
that the Homeowner did not answer the complaint. This judgment
will set the date of the public auction where the home will be
sold to the highest bidder. Ten days after the home is sold at
the public auction the Court will issue a Certificate of Title
which transfers title to the property to the Highest Bidder.
Once the Highest Bidder has the Certificate of Title he is
entitled to a Writ of Possession which he can take to the
Sherriff's Office to have a police officer remove the Homeowner
from their Home.
For the homeowner facing
foreclosure there are a number of ways to stop foreclosure.
Many banks are now willing to renegotiate the terms of a
mortgage that is in foreclosure. This renegotiation of terms
can lead to the homeowner being able to save their home and
lower their monthly payments. Another option is to seek a short
sale where the property is sold for less then the principle
amount of the mortgage but the bank agrees to release the
borrower from any further obligation. The key to these
strategies is to finalize the negotiations before the property
has been sold at public auction. In most cases the bank does
not stop pursuing its court case until negotiations are
complete.
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