If you will go through a foreclosure process, you may have already received a notice from your lender. It is a frightening situation, but if you know what will happen, you can find a solution for it. In fact, it is possible for you to stop foreclosure Miami, FL. Here are the stages of the foreclosure process that you should be prepared for:
Stage 1: Receipt of Summons
As mentioned, you may have already received a letter from your lender. After about three to six months without receiving payments from you, your lender will turn to his trustee record for the Notice of Default with Miami-Dade Clerk of the Court. Once the court receives the foreclosure filing, it will send a letter to the homeowner. After receiving the letter, you only have 20 days to respond. Make sure that you do; otherwise more serious consequences will take place.
Stage 2: Sale Date
At this time, the Clerk of the Court receives the judgment from the lender’s attorney. The court will then set the date of sale. This is usually within 20 up to 35 days after the court receives the signed judgment.
Stage 3: Foreclosure Auction
Your home will be advertised as for sale once a week for 2 consecutive weeks. After that, it will be in local papers 6 days before the sale. When there is a buyer, the court will then prepare the Certificate of Sale and Title. In some instances, there are no buyers. This will then prompt the court to hold an auction instead.
At the auction, your lender will give an opening bid for your property which is typically equal to the outstanding loan balance as well as the interests accrued and other fees involved. Sometimes though, there will be no bids. When this happens, the property will be purchased in favor of the lender.
If the property does not sell, the court will have to re-advertise the sale and repeat advertisement process.
What You Can Do
Having your property foreclosed is never a good thing. You do not want this to happen of course. However, there may have been occurrences in your life where you simply cannot afford the mortgage payment. This is why you probably think that you do not have any choice left but to leave everything to your lender. Wrong! Here at LucnarProperties.com, our goal is to help you stop foreclosure Miami, FL. We believe that this is possible due to the fact that many of our clients have been there as well. We were able to provide them with the assistance that they require during such tough times like a foreclosure process.
If you are facing foreclosure, do not give up just yet. There are things that you can do to avoid this. You can turn to us and we will help you stop foreclosure Miami, FL. Give us a call today and we will give you guidance on how you can sell your property and pay for the amount you owe your lender.