If you find yourself receiving overdue notices from your mortgage company, you may be worried about losing your home. But don’t fret just yet! It’s still possible to sell your Florida home, even if it’s in foreclosure. The first step is to acknowledge your situation and take action. If you can’t come to an agreement with your lender to keep your property, it’s important to sell your home as quickly as possible to avoid foreclosure.
Selling your home during foreclosure is not an easy process, but it can be done. It’s crucial to act decisively and quickly.
Florida Foreclosure Timeline and Process
The foreclosure process in Florida begins with a “Notice of Default” from your lender. This is a notice that you have fallen behind on your mortgage payments and the lender is starting foreclosure proceedings. This usually happens after the borrower is behind on three or more payments. Next, the lender will file a Lis Pendens against you for defaulting on your mortgage. The Lis Pendens will be recorded by the Clerk of Court and you will be served. At this point, you have 20 days to file an answer with the court in regards to the foreclosure. Filing an answer will give you a chance to present your side at a hearing overseen by a judge. However, answering the complaint may not always delay the foreclosure period. After the answer period, the lender’s attorney will file a motion with the court to declare summary judgment. However, there will be an additional 20 day answer period before the hearing can be held. If you are unable to successfully contest the foreclosure and have not yet sold your home, the judge will issue a foreclosure sale date. This usually happens within 30 to 45 days following your hearing. During this time, you are still able to sell the property. Finally, the property will be sold at auction to the highest bidder. After the sale, there is typically a 10-day waiting period before the Clerk issues a Certificate of Title to the buyer. Before the certificate is filed, the person who owes the mortgage can pay what they owe and stop the foreclosure sale. This process is known as the Right of Redemption.Can I still sell my home if I am behind on my payments but not yet in Florida foreclosure?
The pre-foreclosure period in Florida is usually the best time to sell your home. Whether or not you can sell your home before foreclosure will depend on whether your home is worth more than what you owe on your mortgage. If you have fallen behind on your loan payments but are not yet upside down, you can sell your home and use the profits to pay back your lender. If you decide to sell, you will need to move quickly. Here are some options for selling your Florida home fast. The advantages to selling pre-foreclosure in Florida include:- Paying less fees to the bank and their legal team.
- Avoiding foreclosure hitting your credit report and limiting your ability to buy again.
- Moving on your timeline, not the bank’s.