Facing foreclosure can be stressful and scary. Knowing what to expect may provide you with some relief. The foreclosure process in Florida may differ slightly depending on where you are located, but, in Jacksonville, the foreclosure process generally follows this route:
1. Missed Payments: Once a payment is missed on your mortgage, it generally takes about three months for the Lender to begin the foreclosure process. However, it could take less or much more time.
2. Foreclosure Filed: The Lender's law firm will file papers to foreclose on your property and a Foreclosure Action is filed with the Court.
3. The Borrower is then served with a Foreclosure Summons and Complaint.
Many Borrower will then hire an experienced Jacksonville Foreclosure Defense Attorney.
4. Borrower Answers: The Borrower must file a written response with the Court within twenty (20) days of being served with the Foreclosure Summons and Complaint. It is extremely important to file a response within 20 days in order to protect your rights to the property. If a Borrower fails to respond within the 20 days, it is assumed that the Borrower admits all allegations in the Foreclosure Complaint and a default will be entered against you.
5. Options and Consequences. Borrowers should understand their options and what the consequences of each will be on their home ownership, length of time they can stay in the home, amount of money they will have to pay, and other personal issues. Understanding these options will help you to understand which solutions make sense for you and your family.
6. Seek Solutions: By choosing to respond to the Foreclosure Complaint and defend the Foreclosure, you have preserved your rights to the property, which allows you to seek other solutions to Foreclosure that is best for your specific situation. There is no one size fits all solution to Foreclosure, but a Short Sale, Deed-In-Lieu of Foreclosure, Cash for Keys, a modification, or Bankruptcy may allow you to avoid foreclosure.
7. Follow-Up: No matter which route you choose, ALWAYS continue to follow-up!
If you still have questions or would like to speak about your specific situation, contact an experienced Jacksonville Foreclosure Attorney. Having an experienced Jacksonville Foreclosure Attorney on your side may further help relieve the stress that accompanies foreclosure. The initial consultation is free.
