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A foreclosure is defined in the state of Florida as a legal process in which a lender uses the courts to force the sale of real estate property as payment for a debt or mortgage that the borrower defaulted on by failing to meet the repayment terms contained in the loan agreement and promissory note.
This usually happens after the borrower has missed three to five payments in a row. The lender (bank) will foreclose on a property in hopes of getting the homeowner to resume making payments on the loan. Getting you to start making your monthly mortgage payments is their main goal.
If this doesn’t happen, the bank will obtain judicial sale or possession of the property so that the property can be sold to reduce the amount of the loan balance. This is a last resort for the bank. Lenders would rather have your money instead of your house.
If you have been served a summons from your lender, YOU MUST ACT IMMEDIATELY. The biggest mistake many homeowners make is that they either don’t respond, or they respond too late. You have options, but you must file a response to get more time. You have 20 days from the time you are served to file a response, or the foreclosure process will begin, and you could lose your home in as little as 90 days if you can’t pay off your entire loan amount.
A foreclosure action is a civil lawsuit. This means that you the homeowner are the Defendant and the bank is the Plaintiff. The bank must come up with admissible evidence to prove that you the homeowner defaulted on the loan. It must also prove that all legal formalities were complied with and the note was properly assigned and recorded each time the mortgage was transferred. This can be a tricky process for the bank, but a good thing for you the homeowner.
*** For Orange County Foreclosure & Orlando Middle District of Florida Bankruptcy Creditors Meeting, Confirmation Hearings, and related Representation for Debtors and Creditors Contact Our Office at 407-556-7589 ***
Camille Sebreth professionally usilizes her experience as a private practice attorney to fight and protect the legal rights of those in Orlando and throughout the Central Florida area.
She focuses her areas of legal practice on civil legal matters involving Debt Relief and Bankruptcy, Divorce and Family Law, Estate Law, Evictions, Foreclosures and Immigration Law.
Attorney, Camille Sebreth is a member of numerous professional associations, and has an impecable reputation for diligently and aggressively fighting for her client's rights and legal interests.
CAMILLE SEBRETH'S BIOGRAPHY › › ›
Cammille Sebreth has always strived to provide the highest leval of legaL service, and her clients appreciate her dedication and due dilligence in her practice of the law.
Read informative legal articles written by Attorney, Camille Sebreth. We hope our articles help shed some light on your specific legal issues.
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Camille Sebreth professionally usilizes her experience as a private practice attorney to fight and protect the legal rights of those in Orlando and throughout the Central Florida area.
She focuses her areas of legal practice on civil legal matters involving Debt Relief and Bankruptcy, Divorce and Family Law, Estate Law, Evictions, Foreclosures and Immigration Law.
Attorney, Camille Sebreth is a member of numerous professional associations, and has an impecable reputation for diligently and aggressively fighting for her client's rights and legal interests.
CAMILLE SEBRETH'S BIOGRAPHY › › ›
Cammille Sebreth has always strived to provide the highest leval of legaL service, and her clients appreciate her dedication and due dilligence in her practice of the law.
Read informative legal articles written by Attorney, Camille Sebreth. We hope our articles help shed some light on your specific legal issues.
Home • Attorney, Camille Sebreth's Biography
Contact Us • Sitemap • Copyright Image Credits
Website Design: Tiger Prey Media