What is a foreclosure?
When a secured creditor, usually a bank, attempts to recover monies owed to them based on a promissory note by selling the collateral. In more simple terms you have probably borrowed money from a bank or mortgage company in order to purchase or refinance a home. In exchange for lending you the money, you made a promise that if you could not pay them back they could take the house back.
Can the bank just come and kick me out of my house?
No. Only an order of the court can force you to leave your home. Ultimately you may be evicted but there are procedures within the court system that the mortgage holder must follow first for the foreclosure and then another set for the eviction.
What are some of the foreclosure steps?
In Florida, the pre-foreclosure timeline is as follows:
How long does it take to foreclose on a property in Florida?
Depending on the court schedule, it usually takes approximately 180-200 days to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files for bankruptcy. It will also depend a great deal on your mortgage holder and how aggressively they pursue your case
Once the foreclosure process starts is there anything I can do to stop it?
Yes. If working from your first late payment there are at least 10 or 20 different ways to resolve the situation. The longer you wait, however, the more some of these options will become unavailable.
At what point will I have absolutely no options left?
Never. You have not lost until you have decided the fight is over.