WHAT IS A PRE-FORECLOSURE?

Simply put, a house behind on payments, still owned by the homeowner, where the lenderıs loan is in default. A loan hits the default stage once the mortgage has not been paid within 30 days.

After 90 days, the lender files Lis Pendens at the court house (Check with your State). This list of people is publicized at your court house on public records, known as the 90-day Notice of Default or N.O.D. The bank does not own the home because it is pre-auction. It does, however own the mortgage which is in default. The Loan is what they can foreclose because your home is their security that the loan will be paid.

All State and Local laws differ, check yours!

When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save your home. We have outlined the foreclosure process for the state of Florida.

The Process In Florida; mortgages must be foreclosed by filing a lawsuit in court. As in any lawsuit, the borrower must be served with notice of the lawsuit and must be given an opportunity to appear and defend his or her rights. The lender will try to show that the borrower is in default, and that foreclosure is therefore necessary under Florida equity law. Florida is unusual in that the legislature has passed very few statutes regulating foreclosures. Most of the law on the subject of foreclosures in Florida is found scattered in dozens of cases. The basic statute, chapter 702.01 reads as follows:

All mortgages shall be foreclosed in equity. In a mortgage foreclosure action, the court shall sever for separate trial all counterclaims against the foreclosing mortgage. The foreclosure claim shall, if tried, be tried by the court without a jury.

In Florida because the lawsuit to foreclose on a borrower is a suit in equity, it is impossible to obtain an injunction to stop what is, in essence, a court ordered sale. In addition, the court can order the sale at a low price. The court order commanding foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms.

After the sale takes place, the sale terms must be confirmed by the court that ordered the sale. If the terms of the sale order are met, title in the buyerıs name can become complete by filing a certificate of title. At the discretion of the court, junior lien holders can redeem the property, up to the time of the confirmation of the sale. The equity of redemption is cut off when the sale is confirmed, but it exists prior to that time, which means the borrower can save the property from foreclosure by coming up with the money before confirmation.

Deficiency: A separate action for a deficiency must be filed within four years after the foreclosure sale.

Bankruptcy: Chapter 7 claims all assets. Chapter 13 can be used when you have some income. Neither Stops Foreclosure, merely detains it.

The Foreclosure Helper is here to help you avoid mistakes and find the right solution for you.

Back to Top

Back to top

First Month is FREE!!

"Each indecision brings its own delays and days are lost lamenting over lost days...

What you can do or think you can do, Begin it. For boldness has magic, power, and genius in it."

Johann Wolfgang von Goethe 1749-1832, Poet, Novelist, and Scientist

Keep the American Dream Alive

We may be able to help
You Save Your Home!

Click Here