Florida Foreclosure Defense Lawyers Blog

As a Florida Foreclosure Lawyer we understand that there are specific terms associated with your Foreclosure that you may not recognize. If you live in Jacksonville or anywhere in Florida and are facing a Florida Foreclosure Lawsuit or a facing the foreclosure on your home in the future there are some terms associated with a Florida Foreclosure Lawsuit that you should know.

A Foreclosure is a remedy in equity that allows the lender to seek a judicial order allowing for the sale of your property when the terms of the note are not complied with.

A Note is the financial instrument that creates an obligation for you to pay over time for the money you borrowed.

A Mortgage is a document that gives the lender the right to initiate foreclosure and sell your property if the Note is not paid. It is a security instrument.

A Plaintiff is the party filing the Florida Foreclosure Lawsuit, typically this party is the lender, and is often referred to as the Mortgagee.

A Defendant is the party defending the Florida Foreclosure Lawsuit, typically this party is the borrower, and is often referred to as the Mortgagor.

An Assignment is the transfer of the Mortgage to another party, most often done by sale of the mortgage.

An Assignor is what the lender is called in an assignment of a Mortgage

An Assignee is what the company that buys the mortgage is called in an assignment of a mortgage.

This is not an all-encompassing list of terms associated with a Florida Foreclosure Lawsuit. You should discuss any terms that you do not recognize with a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Lawyers who will review your foreclosure lawsuit and discuss your options in detail.

If you have been served with a Florida Foreclosure Lawsuit time is of the essence. It is important to be aware of the timing requirements of Florida, which are stated in the Summons attached to the Complaint. In a Florida Foreclosure Lawsuit the defendant has 20 days in order to file one of three things:

1) an Answer,

2) a Motion to Dismiss or

3) a Motion for Extension of Time.

When you are served with a Florida Foreclosure Lawsuit it may be beneficial to file a Motion for Extension of Time to file a Response to the Complaint in order to allow time seek out a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Lawyers who can review your case and prepare a response that will preserve all of your legal claims and defenses.

It is important to contact a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Lawyers before you respond to the Complaint because in some cases if a defense if not raised by the pleadings it is waived.

UPDATED- As of May 1, 2010 all mortgages in North Florida go to mandatory mediation between the homeowner and the lender with the home involved in the mediation is the primary residence.