The process of foreclosures Orlando starts with the failure of the homeowner to make regular home loan payments. This may be due to personal financial difficulties like the loss of a job or divorce. Or it may be because the property is “underwater”, that means the terms of the home loan exceed the value of the property, and the homeowner purposely wants to default.
Step 2: Public Notice
It is normally after 3 to 6 months of missed installments that the loan provider will file a public notice together with the County Recorder’s Office declaring that the homeowner is in default. In Florida, this notice is termed a lis pendens that is Latin for “suit pending”.
The homeowner should get a foreclosure notice from a lawyer or law firm representing the loan originator. This notice is to notify the homeowner that the foreclosure process has started and they also are at risk of losing their rights to the property and could be dealing with foreclosure.
Inside the state of Florida, the foreclosure process starts as soon as the homeowner gets the foreclosure notice.
Step 3: Pre-Foreclosure
Pre-Foreclosure is a grace period through which the homeowner is offered time to reply to the foreclosure notice. In Orlando Fl, this period is normally within 20 to 45 days of the date that the bank provided the notice.
During this period, the homeowner may choose to pay the overdue balance or decide to sell the home via short sale. The borrower can stop the foreclosure by paying in full the amount due to the loan provider before the date of the foreclosure sale.
Step 4: Notice of Sale or Auction
When there is no reply to the court action inside the time given, then the borrower comes in default as well as the foreclosure process continues. The loan provider would then request the court for a final judgment. If this goes in the lender’s prefer, the judgment can have the total amount owed to the loan provider, and also the date for the sale of the foreclosed property.
The sale date is generally around 30 days after the court judgment is scheduled in place. The notice of sale is noted together with the County Recorder’s Office and a notice will be delivered to the homeowner. The notice may also be published in the local newspaper and also the municipal website for an approved period, the final notice showing at least five days before the sale date.
The sale is generally located in the county courthouse and/or on the web. Due to technology it has become simpler to buy in this way, yet there are times when there is little or no research period, so this process is only for the experienced buyer who has a team set up to do fast research before the sale.
Step 5: Post-Foreclosure
Following a successful sale, the winner is offered the document of sale, and the property owner is relocated within 10 days provided that there is no dispute on the sale. The borrower has no method to get the property after the certification of sale is given.
When the property is not acquired by a third party at the Orlando foreclosures auctions, the loan provider then takes ownership and the property turns into a bank-owned property. The bank then could sell the property either by listing it with a local real estate broker on the open market or they may decide to sell it at a liquidation auction. Liquidation auctions are generally held at auction houses or big conference centers.
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