If you are a Manatee County Florida homeowner facing foreclosure you need to know the timeline for a Florida foreclosure. The shortest amount of time for the foreclosure process is about 90-120 days. The longest is many, many months. Here’s what happens.1. The Borrower falls behind in their mortgage payments and starts receiving calls from the lender demanding payment. This may go on for 3-6 months, or longer.2. The lender hires an attorney to start the foreclosure process. 3. The lender may order a “drive by” broker price opinion to see what condition the house is in and what it may be worth.4. A “lis pendens” is filed. The words actually mean “litigation pending.” The homeowner is served with the foreclosure lawsuit.
5. The Borrower has 20 days to file an answer to the lawsuit. If they do not file an answer, it goes forward like an “uncontested” foreclosure and is fast-tracked. It is always best to involve an attorney at this point.
6. A hearing date is set and unless there is good reason to stop the foreclosure a Final Judgment is issued and the sale date is set. This is typically about 30 days after the final judgment.
7. The public auction is held at the Manatee County courthouse steps.
8. The winning bidder is given a certificate of sale. This is like a receipt, but does not constitute actual ownership.
9. Providing the sale is not disputed, in about 10-12 days a “certificate of title” is issued to the new owner.
10. If someone is still living in the house the judge will grant a writ of possession and the sheriff will serve notice to the occupants that they must move out within 24 hours. If they don’t move out all of the belongings may be set out to the curb.
Foreclosure procedures differ state to state. You should check out the foreclosure for your own state. Also, nothing herein should be considered legal advice and homeowners are advised to consult with a competent attorney for all legal advice.
(Copyright © 2008 By Dan Forbes, All Rights Reserved.)
