Florida FC process question

[Freddy03]

Ok so since I'm gearing up for a future FC (later than sooner - I hope). I want to make sure I have a complete understanding of what will actually happen. I tried to look this up online and I got a lot of info I don't understand.

What is the standard FC process? If this is listed somewhere already please direct me to it. Do you always get notified of NOD first. What happends after NOD?

THanks!

[debee]

Hey Freddy,

Haven't been through it in FL or researched it, but this is what I found when I googled it:

You should get a "Notice of Default", typically after you are more than 3 payments behind.

Then the lender will file a Lis Pendens, or "suit pending". It's a lawsuit and you'll be served. (So you'll know it's happening).

You will then have 20 days to file an answer with the court in regards to the foreclosure.

At the end of the answer period the lender's attorney will file a motion with the court to declare summary judgment. There is an additional 20 day answer period before the hearing can be held.

The judge will set a foreclosure sale date which is typically within 30 to 45 days following your hearing. This is when the property will be sold at auction to the highest bidder. This sale may be postponed at the request of the lender or the lender's attorney.

After the sale, there is a 10 day waiting period (or longer if specified in the judgment) before the Clerk issues a Certificate of Title to the new owner.

[tobee43]

freddy, this is from one ofthe blogs i have up.....florida is a judicial state. so it must go through the court system here. how, i have seen some go from the time of the first summons within a year, and others..like right here in our sub division according to the HOA pres., say some all over 2 years and still nothing.

personally, i think some banks seem to be working faster than others. also, just check out how fast the houses up for sale are selling. OH...and i wanted to mention that to you as well. not ONLY were we going through the loan mod,but we also had the house on the market. the trustee liked that, since they saw an effort on our part on all sides...(just a side thought!)

here's the process from the blog.



Judicial Foreclosures

"Judicial foreclosures are processed through the courts, beginning with the lender filing a complaint and recording a notice of Lis Pendens. The complaint will state what the debt is, and why the default should allow the lender to foreclose and take the property given as security for the loan. The homeowner will be served notice of the complaint, either by mailing, direct service, or publication of the notice, and will have the opportunity to be heard before the court. If the court finds the debt valid, and in default, it will issue a judgment for the total amount owed, including the costs of the foreclosure process. After the judgment has been entered, a writ will be issued by the court authorizing a sheriff's sale. The sheriff's sale is an auction, open to anyone, and is held in a public place, which can range from in front of the courthouse steps, to in front of the property being auctioned. Sheriff's sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid from later that same day up to 30 days after the sale. Check your local procedures carefully. At the end of the auction, the highest bidder will be the owner of the property, subject to the court's confirmation of the sale. After the court has confirmed the sale, a sheriff's deed will be prepared and delivered to the highest bidder, when that deed is recorded, the highest bidder is the owner of the property."

[Freddy03]

Thanks Debee and Tobee

I checked the county website and it looks like from the time Lis Pendens is filed it's about 10 months till sale date. I did see a lot of sale dates cancelled. Not sure what that is all about.

[Freddy03]

I am having a hard time with the whole moral issue. I feel terrible that I did not make my mortgage payment.

[tobee43]

I am having a hard time with the whole moral issue. I feel terrible that I did not make my mortgage payment.

STOP!!! i understand the guilt, the fears...i didn't sleep for a week ...but i promise this will pass. this is the hard part now...so just hold tight and you can do this!!!! please try not to feel badly.

i understand feeling badly that the market dropped out from underneath you, and the job situations are terrible...all things that you cannnot control.. really, this all will pass and believe me, again, i so understand and know how hard it is. we were never late for 40 years!!!

this has nothing to do with whether you are moral or not, honestly. you are just doing what you have to for the sake of your family!!

[cory1848]

Hi Freddy,
If you do a little research when you are bored into how the banks have screwed up, continue to screw up and do it all purposely, that helps a lot with the moral issue. IMO, they deserve what they are getting. They take tax payers bail out money and do nothing with it to help the common man. It's all a game. Someone said on the boards awhile back that you have to look at it as a business financial decision. All a mortgage is, is a contract. If you don't like the terms of the contract, there are ways to break it. Business do it all the time and it is an accepted practice in the business world. Thats helps me sleep at night, along with my bank account growing.