If you’re concerned about your property going into foreclosure due to circumstances beyond your control, the optimum scenario would be to work with your lender for a resolution before things go any further. However, going through the foreclosure process can be made easier when homeowners understand what lies ahead, so read on as we explore what homeowners in Florida can expect during the foreclosure process.
Default
Lenders in Florida typically empathize with homeowners facing temporary financial setbacks, often offering a grace period to help them regain stability. However, if you find yourself continuously falling behind with no foreseeable resolution, you should anticipate the lender’s proactive efforts to reach out during the foreclosure process. They will likely explore various avenues to collaborate on a viable payment plan, aiming to prevent the escalation of the situation.
As the foreclosure process unfolds, expect the lender to escalate their communication efforts, utilizing various channels to engage with you. They may propose alternative payment options, seek to understand your financial challenges, and work towards a mutually beneficial arrangement. It’s crucial to stay proactive and open in your discussions with the lender, as cooperation can often lead to more favorable outcomes for both parties involved.
Notice of Default
Lenders will issue a notice of default to homeowners in Florida, which gives you 90 days during the foreclosure process to pay the bill.
Mortgage Reinstatement
Homeowners in Florida who find themselves in the foreclosure process due to past due payments have options to stop this process and keep their homes. If they can catch up with the past due amounts, including interest and any penalties, they can work with their lender to reinstate the mortgage. This process typically involves paying the overdue amount in full, plus any additional fees or charges. Once the mortgage is reinstated, the homeowner can continue making regular mortgage payments as usual.
Reinstating a mortgage can be a viable option for homeowners facing foreclosure who have the means to catch up on payments. However, it’s essential to act quickly, as there is usually a deadline to reinstate the mortgage before the foreclosure process continues. Homeowners should contact their lender as soon as possible to discuss their options and work out a plan to bring the mortgage current. Additionally, homeowners may want to seek the advice of a foreclosure prevention counselor or attorney to understand their rights and options fully.
Notice of Sale
Once 90 days have passed after the notice of default, the next step homeowners in Florida can expect during the foreclosure process is the notice of sale; within 21 days, the property will be put up for auction by the trustee (the lender).
Auction
During the foreclosure process, the final step for homeowners in Florida is the auction, where the winning bidder must pay for the property immediately. Should the home not sell at auction, it will become what is known as an REO or real estate owned property, converting back to the lender. If you’ve yet to vacate the premises, you can expect the buyer to serve an eviction. With an REO, the lender may attempt to assist you with moving, offering cash for keys to attain possession.
Another Option
For homeowners in Florida facing foreclosure, there’s another option: a direct sale to local professional buyers like those at Sell My House Now USA. First, the professional buyers at Sell My House Now USA will detail the expenses and what you’d profit by listing your property, advising you of the average days on the Florida real estate market. Then, professional buyers from Sell My House Now USA provide you with the numbers used to make their offer to buy your home directly, which we want you to agree is fair. And we’ll provide you with a guaranteed closing date, often within days. We do this at Sell My House Now USA for two reasons. First, we want you to make an educated decision about what is best for your situation. Secondly, at Sell My House Now USA, we are your neighbors here in Florida, living and working alongside you, a part of the community; we want you to feel good about the deal long after you’ve left the closing table.
Sell My House Now USA
Selling directly to Sell My House Now USA can turn everything around for homeowners in Florida facing foreclosure; our goal is to save you time and money. A direct sale means no commissions, closing costs, or hidden fees; our policy at Sell My House Now USA is complete transparency and no pressure. And, to save you even more money, at Sell My House Now USA, we buy houses as-is for cash in Florida, meaning you can keep your wallet in your pocket and forget about prepping, repairs or cleaning. You can even pick the date for your closing with a direct sale to a professional buyer from Sell My House Now USA, talk to us about the arrangements that would work best for you. Call Sell My House Now USA at (239) 360-3176.