Mortgage Foreclosure Florida
February 5th, 2008
Mortgage Foreclosure Florida
Question: Can someone explain the mortgage foreclosure process?
Florida. Also, can a mortgagee put a lien on other assets if not used as security in that mortgage?
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Answer: This is not specific to Florida but, the general foreclosure proceeding is:
1. Foreclosure suit filed in court and with the county recorder's office
2. Mandatory filings, notices and a statutory period of 'right to redemption' [depending on state law and the type of deed 30 days to 7 months]
3. If all $ in the arrears plus legal cost aren't paid the judge will issue and order and of foreclosure , this also transfers title of the property to the lender.
4. Foreclosure sale, which will probably leave a deficiency balance which is a judgment against you. And this amount can be collected by the lender from other assets just like any other judgment.
Advice: Sell the property before the foreclosure sale or give the lender a deed in lieu [return the property to them] if you are concerned about other assets being at risk. Although some types of assets are judgment proof [pensions, primary residences, % of wages, etc.], you should consult an attorney about the specifics
hope that helps.
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