When a mortgagor, such as a bank or other lending institution, successfully forecloses on your property, that lender takes full ownership of the property. The process, however, cannot begin until you fail to make your mortgage payments.
In Florida, a lender must use the judicial foreclosure process to seize a property and the foreclosure process must take place under Florida’s equity laws. If you have been served with a foreclosure notice, you have 20 to 60 days to take action before the bank seizes your home.
Borrowers have one very important right they can exercise throughout the Florida foreclosure process, which is the right of redemption. Redemption is an equitable right that is intrinsic in all mortgages written in Florida. This is in addition to any other rights you are allowed to exercise as spelled out in your loan papers.
The right of redemption provides you with the opportunity to save, or redeem, your property up until the Certificate of Sale of the property is filed. In order to use this right, you must pay your debt in full to the lending institution.
The recession has hit the state of Florida hard. Currently the sunshine state ranks second from the top for foreclosure filings. The other states hit hard with foreclosures are: California, Michigan, Arizona and Nevada.
For the best foreclosure defense in Weston give Burgess Law firm a call today.
The top Florida cities with high foreclosure rates are: Sarasota, Orlando and Fort Lauderdale. Just in the month of August alone there were 62,400 new foreclosure filings with foreclosure sales numbering 8,498 that had an average sale price of $192,772.
The number of Broward Countyforeclosures in March rose from a year ago, while Palm Beach County saw a slight decrease during the same period.
Broward had 4,599 homeowners in some stage of foreclosure last month, up 17 percent from last March, according to RealtyTrac of Irvine, Calif. Broward had Florida’s ninth-highest foreclosure rate among counties statewide. Palm Beach County had 1,509 owners in the foreclosure process last month, down 8 percent from a year ago.
WASHINGTON (AP) — The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.
