Foreclosure Property Appraisals and Home Appraisers Definitions / Information
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| Toll Free: 866-775-3395 Palm Beach: 561-674-0498 Cell Line: 954-415-1630 Fax Line: 561-892-0913 |
Foreclosure occurs when the homeowners falls behind in monthly mortgage
payments and defaults on the loan. The lender repossesses or sells the
home in order to satisfy the debt. This has been a growing trend in the South
Florida Real Estate Market and shows no signs of slowing down. We have
provided the typical options you can pursue to avoid a home foreclosure. Your
solution will depend on your financial status, the mortgage's default status,
the type of loan you have and the various laws that apply.
payments and defaults on the loan. The lender repossesses or sells the
home in order to satisfy the debt. This has been a growing trend in the South
Florida Real Estate Market and shows no signs of slowing down. We have
provided the typical options you can pursue to avoid a home foreclosure. Your
solution will depend on your financial status, the mortgage's default status,
the type of loan you have and the various laws that apply.
 |
 |
 |
 |
 |
 |
 |
 |
 |
Are you looking for Foreclosured Properties in Florida. Visit our County List
of Foreclosures in Florida. Our Foreclosure List
of Foreclosures in Florida. Our Foreclosure List
ValuTech Services
Collect, Define, Inform
Collect, Define, Inform
| www.FastFloridaAppraisals.com |
| www.FastFloridaAppraisals.com - Florida Property Appraisals - ValuTech Services, LLC |
Florida Foreclosure Laws
Pre-foreclosure Period
A foreclosure in Florida begins when a lender files court action and records a notice of a pending
lawsuit (Lis Pendens) against the borrower. The lender notifies the borrower and any other affected
parties in person or in some cases by mail or publication. If the borrower does not respond to the court
action within a specified amount of time, the county clerk can find the borrower in default and the lender
can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the
total amount owed to the lender and the foreclosure sale date.
The lender is not required by state law to notify the borrower before initiating the foreclosure process, but
individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until
the date of the sale by paying the total amount owed to the lender.
A foreclosure in Florida begins when a lender files court action and records a notice of a pending
lawsuit (Lis Pendens) against the borrower. The lender notifies the borrower and any other affected
parties in person or in some cases by mail or publication. If the borrower does not respond to the court
action within a specified amount of time, the county clerk can find the borrower in default and the lender
can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the
total amount owed to the lender and the foreclosure sale date.
The lender is not required by state law to notify the borrower before initiating the foreclosure process, but
individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until
the date of the sale by paying the total amount owed to the lender.
Foreclosure Overview & Foreclosure Process
What is Foreclosure?
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling
or taking ownership (repossession) of the property securing the loan. The foreclosure process begins
when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a
public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of
four ways:
This foreclosure process allows for three opportunities for finding
bargains on foreclosure homes.
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling
or taking ownership (repossession) of the property securing the loan. The foreclosure process begins
when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a
public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of
four ways:
- The borrower/owner reinstates the loan by paying off the default amount during a grace period
determined by state law. This grace period is also known as pre-foreclosure. - The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale
allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit
history. - A third party buys the property at a public auction at the end of the pre-foreclosure period.
- The lender takes ownership of the property, usually with the intent to re-sell it on the open
market. The lender can take ownership either through an agreement with the borrower/owner
during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public
auction. Properties repossessed by the lender are also known as bank-owned or REO
properties (Real Estate Owned by the lender).
This foreclosure process allows for three opportunities for finding
bargains on foreclosure homes.
Notice of Sale / Auction
The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual
court. The clerk of court issues a notice of sale containing the location, date, and time of the sale. The
notice is published once a week for two weeks, with the second notice appearing at least five days
before the sale.
The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m. on
the sale date. The winning bidder must provide a 5-percent deposit and pay the remaining balance by
the end of the day or a new sale is scheduled a minimum of 20 days later. After a successful sale, the
clerk gives a certificate of sale to the winning bidder
Within 10 days of the sale, the clerk transfers ownership to the winning bidder if no one disputes the
sale. In most instances, a borrower has no right of redemption after the certificate of sale is issued.
If you're at risk of having your home foreclosed on, you should read our section on foreclosure help. You
might still be able to stop foreclosure.
The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual
court. The clerk of court issues a notice of sale containing the location, date, and time of the sale. The
notice is published once a week for two weeks, with the second notice appearing at least five days
before the sale.
The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m. on
the sale date. The winning bidder must provide a 5-percent deposit and pay the remaining balance by
the end of the day or a new sale is scheduled a minimum of 20 days later. After a successful sale, the
clerk gives a certificate of sale to the winning bidder
Within 10 days of the sale, the clerk transfers ownership to the winning bidder if no one disputes the
sale. In most instances, a borrower has no right of redemption after the certificate of sale is issued.
If you're at risk of having your home foreclosed on, you should read our section on foreclosure help. You
might still be able to stop foreclosure.
Pre-Foreclosure (NOD, LIS):
Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the
property outright. The borrower/owner can walk away with something to show for any equity in the
property and avoid a bad mark on his or her credit history. The buyer has time to research the title and
condition of the property and can realize discounts of 20-40 percent below market value.
More about pre-foreclosures
Wondering what happens after foreclosure? Then please read on. Remember that understanding
foreclosures is the first step for homeowners to stop foreclosure. It is also the first step for investors to
buy foreclosure properties.
property outright. The borrower/owner can walk away with something to show for any equity in the
property and avoid a bad mark on his or her credit history. The buyer has time to research the title and
condition of the property and can realize discounts of 20-40 percent below market value.
More about pre-foreclosures
Wondering what happens after foreclosure? Then please read on. Remember that understanding
foreclosures is the first step for homeowners to stop foreclosure. It is also the first step for investors to
buy foreclosure properties.
Auction:
Search Foreclosures FREE For 7-Days!
Free access for 7 days, try it out! No strings, no contracts, no hassles and you can cancel at any time. Hurry! Foreclosures sell fast. Visit RealtyTrac.com. With virtually every Bank, Government and Institutional property you'll find your next home waiting for you
Free access for 7 days, try it out! No strings, no contracts, no hassles and you can cancel at any time. Hurry! Foreclosures sell fast. Visit RealtyTrac.com. With virtually every Bank, Government and Institutional property you'll find your next home waiting for you
If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the
property at a public auction. Buyers often are required to pay in cash at the auction and may not have
much time to research the title and condition of the property beforehand; however, a public auction often
offers some of the best bargains and avoids the unpredictability of dealing directly with the
borrower/owner.
More about Foreclosure auctions
property at a public auction. Buyers often are required to pay in cash at the auction and may not have
much time to research the title and condition of the property beforehand; however, a public auction often
offers some of the best bargains and avoids the unpredictability of dealing directly with the
borrower/owner.
More about Foreclosure auctions
Bank-owned (REO):
If the lender takes ownership of the property, either through an agreement with the owner during
pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the
unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and
repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or
auction property. Bank foreclosures can become government foreclosures if the loan is backed by a
government agency such as the Department of Housing and Urban Development (HUD) or the
Department of Veterans Affairs (VA). In that case the government agency would be responsible for
selling the property.
More about HUD foreclosures and VA foreclosures
pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the
unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and
repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or
auction property. Bank foreclosures can become government foreclosures if the loan is backed by a
government agency such as the Department of Housing and Urban Development (HUD) or the
Department of Veterans Affairs (VA). In that case the government agency would be responsible for
selling the property.
More about HUD foreclosures and VA foreclosures