How are Florida mortgages foreclosed?
In Florida, the lenders go to court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. The court with jurisdiction over a foreclosure is known as the Circuit Court. A complaint is filed in Circuit Court along with what is known a Lis Pendens. A Lis Pendens is a recorded document that provides public notice that the property is being foreclosed upon.
What are the legal instruments that establish a Florida mortgage?
The documents are known as the mortgage, note, and in a commercial transaction, a security agreement. Sometimes the mortgage document is combined with the security agreement. A mortgage is filed to evidence the underlying debt and terms of repayment, which is set forth in the note.
How long does it take to foreclose a property in Florida?
Depending on the court schedule, it usually takes approximately 180-200 days to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files for bankruptcy.
A Real Estate Lawyer can make sure your interests are protected, they are the only party truly “on your side.” Real Estate Lawyer, Barry Simons located in Miami Dade County, offer buyers and/or sellers the protection they deserve.
Title refers to the rights of ownership and possession of a particular property. Before title can be sold to someone else, it must be marketable - free and clear of liens or other title defects that would be unacceptable to a prudent Buyer in the course of a customary real estate transaction.
Many homeowners fight foreclosure by hiring lawyers to represent them. Whether you have been a victim of debt collection harassment, facing wrongful foreclosure, being sued by unscrupulous debt buyers, or suffered an investment loss, We can help.