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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com
Florida Foreclosure Law
In the state of Florida lenders can foreclose on any mortgage or deed of trust that is in default. The lender will always follow a judicial foreclosure process. In Florida all mortgages are also foreclosed in equity. If the foreclosure requires a trial the courts will do so without a jury and the average wait time is 180 days or six months.
Lis Pendens
Lis Pendes is the process of a lender filing a case against the borrower. In the state of Florida the borrower must be made aware of the action and respond in a a certain time frame otherwise the court will automatically award the judgment to the lender.
Notice of Sale
Once the foreclosure is declared in the court a Notice of Foreclosure sale must be published in a local newspaper for at least 3 consecutive weeks. the notice in the paper must include all of the relevant details about the foreclosure. This usually includes the property address, a legal description of the home and any improvements, the time, date, and terms of the sale and the contact information for the people who are in charge of the property.
Florida state law also requires all foreclosure related ads to be place directly by a petitioner, a petitioner's attorney, or the clerk of the court.
Foreclosure Auction
In Florida the home will be auctioned off roughly 30 days after the foreclosure is declared. The sale is usually held at 11 am at the entrance to the county courthouse. The buyer must pay a minimum of 5% down payment at the time of the sale and pay off the balance on the same day. Once the payment is made, the buyer will be given a Certificate of Sale and the title of the property is transferred.
Right of Redemption
Florida foreclosure law allows the borrower the right to cure the default anytime before the sale date. The borrower must do this by bringing the mortgage current and paying any associated attorney's fees. Once the Certificate of Sale is issued the borrower loses the right of redemption.
AGS