The Details Of Florida Foreclosure Law
77The Details Of Florida Foreclosure Law
The State of Florida details the rules and regulations governing foreclosure in the counties of the state in the Florida foreclosure law. Florida foreclosure law states that lenders have the right to initiate a judicial foreclosure in the event that a borrower defaults on their mortgage agreement and is unable to pay the balance of the mortgage loan. A foreclosure is the lender’s way of recouping the costs of the mortgage loan and the borrower’s way of making good on the loan when they cannot make the mortgage payments. The process of completing a foreclosure in the State of Florida typically takes around five months from beginning to end.
Florida Foreclosure Law Procedures
Under Florida foreclosure law, a foreclosure is begun when the lender files a lawsuit against the borrower suing for control of the property due to a default on the mortgage agreement. A copy of the lawsuit and a notice to appear in court to answer the charges is sent to the borrower, who has an obligation to appear at the court hearing to explain why the mortgage agreement has gone into default. If the borrower fails to appear at the court hearing, a judgment may be issued in favor of the lender allowing the borrower no recourse to stop the foreclosure on the property. The borrower must adhere to the rulings of the court, whether or not they were present at the hearing where the judgment was issued, according to Florida foreclosure law.
Florida foreclosure law does not require the lender to give the borrower prior notice of their intent to begin foreclosure proceedings against the borrower, unless the mortgage agreement or deed of trust specifies that personal prior notice of the intent to begin foreclosure must be given to the borrower within a specific period of time before the foreclosure process may begin. If personal notice is required, the lender must send the notice of intent via certified or registered mail. The lender is not required to notify all parties of their intent to file for foreclosure; they are only required to notify the primary borrower listed on the mortgage agreement.
Under Florida foreclosure law, once a court action and a notice of pending lawsuit is filed against the borrower, the foreclosure proceedings have begun. The borrower has the option of stopping the foreclosure at any point until the date of the foreclosure sale by paying off the entire balance owed to the lender, not just the amount that the borrower is in default. If the borrower cannot find the funds to pay off the balance of the loan, then the property will be sold at a foreclosure sale by the lender once they receive a foreclosure judgment in their favor by the Florida courts. Florida foreclosure law requires that the details of the foreclosure sale be listed in the foreclosure judgment and be adhered to throughout the foreclosure sale process.
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how many days the lender let the borrower know ahead of time so that they can move out of the house ?
Isn't it 30 day notice. Giving the "owners" plenty of time to move out.
It can take months for the lender to get a judgment and proceed to a sale on the courthouse steps. If the homeowner files an answer to the complaint and requests the original note be presented, it can take even longer. It takes at 20-30 days from the filing of the original complaint to the hearing, then another 30 days from the final judgment to the courthouse sale. There are homeowners who have been able to extend the process over a year and remain in the home while the litigation is pending.
I have two properties, I am living in one and the other one is being rent out but there is no reveniew coming in from it. The one that I live in I can't make the payments anymore. Will the lender go after the rented property? Does my stocks or bonds get affected by this?
Bank of America recently bought CountryWide Mortgage. My home in foreclosure. Now B of A owns paper. I have savings in that bank. Can they attach my savings account?
Foreclosure does not affect your money or savings. They are only getting (foreclosing) your house which isa the collateral of the loan. If you had the money but did not pay the mortgage pymts and ended is foreclosure, it was your intention but does not give them the right over your other assets whether it be cash, savings , car or boat, another house etc.
If you receive a Notice of Hearing for Summary Final Judgement, can the judge stop the proceedings if you can prove you are still in negoitions with the lender to modify the mortgage?
My ex-husband told me that even after the foreclosure is final, I will still be responsible for half the first mortgage and all of the second mortgage. Is that true?
My friend currently is renting BOA foreclosure home. She has a year lease and has been paying her rent to the landlord. The Bank has stated she and her three children have to get out. What is the law for renters in the State of Florida?
We have just started a Short Sale on our home. We have a boat and my husband is worried that the lender will try to take the boat from us and sale it for the difference of what we owe and what the home will sale for. Can they do that?
We co-signed with our son to buy a home. He or us can NOT afford to make the payments. If the house goes into foreclosure, can the lender seize any CD's or Money Markets that my wife is co-owner with her mother? What properties can the lender seize?
I have many of the same questions that i see on this page. Where can I find the answers?
We received a letter “Intent To Foreclose” “Mortgage In Default” all in one letter thru regular mail.
The Florda Attorney General sent PNC CEO James E. Rohr a letter 10/2010 to come to Florida and discuss illegal foreclosures by their company! We find from our contract that they did not list the correct address-they listed our loan as # 101 and we live on the property at #1837!
We filed Ch.7 Bankruptcy 5/18/2010 in Tallahassee, Fl. PNC sent the Trustee Mary Colon a letter saying they would like to reaffirm the home loan. PNC wrote up a reaffirmation for the home loan and signed it. It was filed with the Bankruptcy. The Bankruptcy was Discharged on 09/18/2010. Then on 10/22/2010 Judge Lewis M.Killian, Jr. did a reaffirmation hearing and approved the reaffirmation with PNC, as this being our family home and we did not have an Attorney it had to be approved by the Judge. We continued to make payments as agreed. On Dec.29,2010 I contacted PNC and ask if I should continue to make my payments to the same address, as they did not mail us a new coupon book. I was told by the Representative (Robert badge #PSY) that I was not to make payments they would only accept the full balance owed on the property. I ask why, and was told the modification was not complete. I stated we did a reaffirmation so we did not need a modification! He said our payment may be less! We did not like the way this sounded and mailed our payment by certified mail and PNC accepted it and cashed the check! Then on 01/13/2011 we received a letter "intent to foreclose" within 20 days of the letter dated 01/07/2011!! They stated we had not made payments from 10/01/2010 until now! We have our checks to prove we did and PNC says that those payments were for some other back payments owed! I stated that can't be true. We did a reaffirmation approval on 10/22/2010 and it was approved and we made our payments during the Bankruptcy or they would not have reaffirmed the loan! WE NEED HELP!! We are both Disabled on a fixed income and PNC demands we pay them $3000.00 or they foreclose on 01/27/2011. We don't owe this money and made our payments. I called PNC on 01/14/2011- I spoke to Bianca Badge # TSK - she continued to state we are 4 payments past due and they are going to foreclose on 01/27/2011, and will not accept any payments! I stated we are not and did a reaffirmation and PNC would not reaffirm a loan 4 months past due nor would the Bankruptcy Judge accept it. She laughed and said, PNC does this all the time, "meaning reaffirms past due loans! PNC continues to state we are 4 payments past due! PNC would not have reaffirmed the loan if we were 4 payments past due! This is a FHA Loan and we can't get their assistance. First was FHA, serviced by National City Mortgage - second sold to PNC Mortgage - Then PNC said they sold our loan to an Investor! We don't even know who has our loan. Now we find that they don’t have the correct address on our purchase contract. They have 101 and we live at 1837!!
To the comment I posted above. In the reaffirmation at the Ch.7 Bankruptcy - PNC installed a repayment schedule of 300 payments at $531.78 per month at 5% fixed interest. This was approved by the Federal Bankruptcy Judge.We did not have an Attorney and this had to be approved by the Judge. PNC said it was just a schedule the Judge could see, but they did not comply with it!
Someone has told me of a motion "Motion For Violation Of Automatic Stay And Creditor Misconduct." To file at the Bankruptcy Court even though my Bankruptcy is Discharged!Anyone familiar with this??
The same thing is happening to me with Wells Fargo, I had a final modification approved in June 2010, with a new payment confirmed. All missed payments were placed on the back of the loan, interest rate reduced and term extended to 40 yrs. I have been paying my payment on time every month since the modification. Now the bank is posting all of these fees after the final modification which are not valid so now my monthly payment is being applied to the fees and not to my mortgage payment. Wells Fargo is telling me I am two months behind when I am not. I have proof of all payments. I did write a letter to Wells Fargo Corporate office to complain about this servicing nightmare and they have noted they are looking into it. It has been 2 months and nothing has been done. The 3rd month is approaching and I guess they will now tell me they will be taking the house back. This is ludacris and crazy. People are loosing their homes over servicing issues.
BEFORE YOU GO INTO FORECLOSURE CAN YOU REMOVE THE MICROWAVE AND FRIDGE ?
Monica 3 years ago
How long does one have to live in a home that might be forclosed. I know someone that has been leaving in their house for over a year and they are still in the home.