Time limit: For Foreclosure in Florida:
Suppose, a person buys a house at Bradenton in Florida with amount that he borrows from some lender then a lien will be placed against his property in terms of mortgage. This mortgage will be recorded at the court of law and the same will be intimated to the public that the person who borrows is obliged to them for the amount he borrowed. A note will be signed saying that a sign of guarantee is given to the lender that the borrowed amount will be returned.
Month 1: During the failure to pay the first month due, they will receive notification from the lender indicating the non-payment.
Month 2: Failing to make the payment again will end up in a warning notification to make a prompt payment of the borrowed money.
Month 3: If the sellers fail to make their third payment, then again they receive the warning letter advising them to make the payment to the lender and the same will be forwarded to get filed to the Attorney. Foreclosure proceedings will be started by Attorney as the seller fail to pay back the amount.
Month 4 – 8: Lis Pendens notices and summons will be filed in the court and intimated to public saying that the seller is in foreclosure
* It will take 20 days to answer once the notice from Lis Pendens is served. In case the lenders don’t get a prompt reply or find the sellers served then they announce the public for foreclosure. In many cases there will not be an answer from sellers.
* Once ALL PARTIES are served, a hearing date is scheduled.
* Still time of 20 days is given to save the property. Then the case is taken for judgments.
* During hearing, judgment will be made and date of sale will be announced. Bidding is made and the property is sold then (30 days normally).
Once sale is made, a waiting period of 10 days will be there to get the Certificate of Title. The rights and locks can be handed over to the new owner and thus the end of property holding by the seller – losing property in foreclosure.
