Foreclosure Process Timeline in Florida
Foreclosure is a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower. Few people think they will lose their home, they think they have more time. This is the timeline of events that will take place:
First month missed payment – your lender will contact you by letter or phone.
Second month missed payment – your lender is likely to begin calling you to discuss why you have not made your payments. It is important that you take their phone calls. Talk to a Prevention Advocate and explain your situation and what you are trying to do to resolve it. At this time, a Prevention Advocate will inform you of what services are available to you.
Third month missed payment – after the third payment is missed, you will receive a letter from your lender stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. This is called a "Demand Letter" or "Notice to Accelerate". If you do not pay the specified amount or make some type of arrangements by the given date, the lender may begin foreclosure proceedings. They are unlikely to accept less than the total due without arrangements being made if you receive this letter. Contact a Prevention Advocate immediately to inform you on how to prevent foreclosure.
Fourth month missed payment – now you are nearing the end of time allowed in your Demand or Notice to Accelerate Letter. When the 30 days ends, if you have not paid the full amount or worked our arrangements you will be referred to your lender's attorneys.
You will incur all lender attorney fees as part of your delinquency if you don't call us immediately.
Sheriff's or Public Trustee's Sale – the attorney will schedule a Sale. This is the actual day of foreclosure. You may be notified of the date by mail, a notice is taped to your door, and the sale may be advertised in a local paper. The time between the Demand or Notice to Accelerate Letter and the actual Sale varies by state. In some states it can be as quick as 2-3 months. You have until the date of sale to make arrangements with your lender, or pay the total amount owed, including attorney fees.
Redemption Period – after the sale date, you may enter a redemption period. You will be notified of your time frame on the same notice that your state uses for your Sheriff's or Public Trustee's Sale. Contact your Prevention Advocate to find out more.
In general, mortgage companies start foreclosure processes about 3-6 months after the first missed mortgage payment. Late fees are charged after 10-15 days, however most mortgage companies recognize that homeowners may be facing short-term financial hardships. It’s important that you speak with a Prevention Advocate about your situation.
BORROWER’S RIGHTS IN FORECLOSURE
As often happens in foreclosure cases, homeowners do not have enough information regarding their rights. Homeowners often believe the only rights they have, is to either pay back the amount due on the mortgage, work with the bank to pursue a loan modification, or to vacate the house before they are evicted. In most cases, people try to work with the bank desperately looking for ways to save their home. Unfortunately, during the process of trying to work with the bank in seeking a loan modification, many homeowners ignore the legal process in the courts, thereby giving up their rights to challenge the foreclosure.
Therefore, instead of standing up for their rights under the law, many homeowners spend a great deal of time trying to convince the bank to work with them to save their home from foreclosure. While sometimes those negotiations are effective resulting in a loan modification, many more times they are not and, when the bank turns down the modification there may be nothing further that can be done to save the home from foreclosure.
Even borrowers that have missed a great many mortgage payments still have rights to help defend against foreclosure and fight for their home. These rights allow a homeowner to demand that banks follow the strict legal procedures and laws before obtaining a foreclosure judgment and forcing people to vacate their homes after foreclosure. Defending these critical rights in a court of law must begin before any foreclosure auction sale of the property is concluded and the ownership is transferred to a new owner or back to the bank.
All families facing foreclosure have rights they need to be aware of and to be prepared to exercise those rights to defend their home. Failure to do so will allow the bank to have an easy or streamlined foreclosure. If the homeowner does not defend their rights in the courts, the entire foreclosure process may take as little as a few months to complete. By challenging the foreclosure in court and standing up for their legal rights, homeowners can prolong the entire foreclosure process, allowing more time to establish a negotiated resolution with the bank. By fighting the foreclosure, homeowners greatly increase their chances of saving their home.
There are many legal defenses that homeowners can raise to oppose the banks right to foreclose. The best example that most people are aware of is that if the bank does not possess the original mortgage note. In this instance, the plaintiff in the case cannot prove its legal standing to sue and therefore, cannot obtain a foreclosure judgment. In addition to the “missing or lost original note” defense, with proper analysis and qualified legal representation, there are many other defenses that homeowners can assert to help them protect their homes.
In troubled times like this, who can you call on for assistance? Not all attorneys are good at what they do. There are a few that are exceptionally great at what they do. C. Anthony Rumore is the leading foreclosure defense attorney in the state of Florida.
The Law Offices of C. Anthony Rumore, PA
At the Law Offices of C. Anthony Rumore, P.A., our attorneys provide legal advice and planning in a variety of legal matters. From its offices in Fort Lauderdale, Florida we help clients from as close as Broward County and from as far away as Europe and South America.
C. Anthony Rumore, PA’s foremost objective is to provide the highest-quality legal services, tailor-made to suit the needs of our law office clients
The Law Offices of C. Anthony Rumore, P.A., has many years of experience in its core areas of practice. Consistently striving to build upon our professional skill set, we aspire to the highest standards of quality in the professional services we provide. Outside of our core areas of practice, we will endeavor to meet our clients’ needs through our network of proven specialists.
We are client and solution oriented, not problem oriented. We focus on resolving the legal matters and problems of every one of our clients. For us, sharing the precise nature of the legal issues with the client is just the beginning of the problem resolution process. We are determined to present our clients concrete and realistic solutions for their problems. We support our clients in choosing the best solution and (if desired) help the client implement the solution chosen. Only once our client is satisfied, have we accomplished our mission.
Our fees are fair. Excellent and comprehensive legal counseling and representation do not have to be expensive. Our specialization and our experience allow for an efficient operation. Our lean and flexible cost structure enables us to charge customer-friendly fees
C. Anthony Rumore holds a law degree (juris doctorate) with distinction from South Texas College of Law (1997). He is admitted to the Florida Bar (1998). During his legal career he has served as legal counsel for a variety of business enterprises including, international technology organizations, international business consulting firms, nationwide transportation and translations services organizations, businesses involved in aviation, fine art, home security, banking and mortgage lending, title insurance companies and many restaurant and hospitality ventures, to name a few. C. Anthony Rumore has provided counsel for and has structured hundreds of commercial and residential real estate transactions as well as guided dozens of clients through the acquisition or sale of many types of business enterprises and assets. In addition, C. Anthony Rumore has been involved in the incubation and development of several small and mid-cap companies asentrepreneur.
We are here to help you. Please call with any questions. The bank has an attorney; most likely you need one on your side as well. We will happily review your case with you.
Published on May 19, 2012