FORECLOSURE DEFENSE

Understanding Foreclosure

Foreclosures in Florida take a long time — 935 days on average according to a 2014 report by RealtyTrac (an online marketplace for foreclosure properties and real estate data). If you’re a struggling homeowner facing foreclosure in Florida, you should prepare yourself for the process by learning as much as you can about the state’s foreclosure laws.

For starters, you should know that Florida foreclosures go through the court system. This means you’ll get a foreclosure summons and complaint. The borrower gets 20 days to file an answer to the complaint with the court. You should also be aware that you could be liable for a deficiency judgment after the foreclosure and that state law doesn’t provide the right to reinstate the loan before the sale. If you are facing Foreclosure, it’s important you contact us immediately. Out team of specialist will consult with you to better understand your case and work effectively to get you back on the right track with your mortgage.



LIS PENDENS

Latin for “a suit pending,” a written notice that a lawsuit has been filed which concerns the title to real property or some interest in that real property. The lis pendens (or notice of pending action) is filed with the clerk of the court, certified that it has been filed, and then recorded with the County Recorder.

This gives notice to the defendant who owns real estate that there is a claim on the property, and the recording informs the general public (and particularly anyone interested in buying or financing the property) that there is this potential claim against it. The lis pendens must include a legal description of the real property, and the lawsuit must involve the property. If you have receive a Lis Pendens, contact The Clark Law Group immediately. We will assist you with the Foreclosure correspond with the Clerk of Court and mortgage holder.

FORECLOSURE SALE

If the court determines that the borrower has defaulted on the mortgage, it will enter a final judgment of foreclosure and mail a copy to the borrower. The foreclosure sale must take place 20 to 35 days after the judgment date unless the court order says otherwise. Fla. Stat. § 45.031.

The foreclosing party must publish a notice of the foreclosure sale in a newspaper once a week for two consecutive weeks, with the second publication at least five days before the sale. Fla. Stat. § 45.031.

If you have received a Final Judgment, Contact us immediately. We may be able to stop the sale and keep you in your home.

UNDERSTANDING A DEFICIENCY

When the total mortgage debt exceeds the foreclosure sale price, the difference is called a “deficiency.” Some states allow the foreclosing party to seek a personal judgment (called a “deficiency judgment”) against the borrower for this amount, while other states prohibit deficiency judgments with what are called anti-deficiency laws.

In Florida, the foreclosing party may obtain a deficiency judgment:

as part of the foreclosure action (if the borrower was personally served the foreclosure complaint), or

in a separate lawsuit, unless the court has granted or denied a claim for a deficiency judgment in the foreclosure action. Fla. Stat. § 702.06.

The foreclosing party has one year to request the deficiency judgment. This time period begins the day after the court clerk issues a certificate of title to the buyer who purchased the home at the foreclosure sale.