Upcoming Foreclosures

LAW PROFESSIONALS: What is the law in Florida regarding foreclosure?

Once your home is officially in foreclosure do you have 90 or 120 days to vacate the premises? I've typically heard 90, but someone told me that in Florida you get 120 days before you have to be out. Also, what exactly happens if you just "walk away" like many people are doing these days? I know your credit is obviously negatively affected for many years, but are you at all responsible for any payment on the loan? And if you have HOA fees, will you be responsible for those once you go into foreclosure? This property is located in Miami. Dade County. Also, the property has not had the mortgage paid for 10 months. The lender is U.S. Bank. The foreclosure process is supposed to proceed as of 7/27/10. Papers have been sent in an attempt to renegotiate the loan, however, they have everything they need, but are still working on the file. It's not a matter of "stealing" the bank's money. It's a matter of trying to work with them and getting the response "We can't help you until you default on your loan." The property value is half of what it was when it was bought, and you're awfully high and mighty to make a comment like that during this housing crisis.

Public Comments

1. Wait till the bank kicks you out. There are so many foreclosures on the market now it takes at least one year for all the paper work. Unless that bank is really fast which is rarely the case. I believe lots of banks are still handling foreclosures from 2008 and 2009 and 2010 yet.
2. Each lender decides and have their own procedure as to when to initiate a foreclosure procedure. Some might initiate foreclosure procedures immediately after the first missed payment where others might not take the action to start a foreclosure even if you have not paid for 6-7 months. Florida is a judicial foreclosure state therefore the courts will control the exact times of certain procedures to take place. Judicial foreclosure in Florida is completely controlled by the court. The lender sues and obtains an order to foreclose. The court then defines the procedure to be followed. The court may or may not order that the notice of sale be published in a newspaper. If so ordered, it is the lenders responsibility to place the notice for publication on the terms ordered by the court. The sale technically ends any equitable right of redemption; however the court may extend the time for redemption, but rarely does so. In fact, there is a period following the sale during which the court reviews the sale to ensure a fair price has been paid. This usually takes about 10 days, and right of redemption remains in effect until court confirmation of the sale. Should the court, for any reason, not confirm the sale, another sale is ordered. The lender may also sue for a deficiency judgment., but probably will not. You will be sent notices as to when your foreclosure began as well as when the foreclosure sale is to take place, followed by an agent of the bank of the new buyer making contact with you and them to agree on a date for you to move. Failure on your part to move will cause the new owner or bank to start eviction procedure against you. The HOA might be able to legally pursue you in court to collect their back dues. For all legal and tax matters you should contact your attorney and tax consultant. I hope this has been of some benefit to you, good luck. “FIGHT ON”
3. Depending on the area of Florida, most foreclosures are taking 9 months to over a year and that's mainly due to the court backlog. If you haven't vacated by the time it goes to auction, you will be served with a writ of possession the day of the auction or at the latest the next day. You will then have just 24 hours to vacate. While you are legally responsible for the HOA fees during foreclosure if you don't pay the HOA can place a lien on the property, but that lien is junior to your mortgage and will be eliminated at foreclosure. Florida just recently enacted a law that requires, once foreclosure is filed, that you and your mortgagee must attend mediation and the representative of your mortgagee must have the authority to approve any agreement you come to. Florida is a recourse state, which means your mortgagee has the option to file for a deficiency judgment. That's the difference between what you owe and what the property sells for. realtor.sailor
4. It depends on who you are. If you are a renter you can continue renting from the bank for 90 days. If you are the one who is stealing the banks money you have to be out as soon as the foreclosure completes, you are a trespasser past that point.