Technically speaking, a foreclosure is where the rights of the homeowner to the property are terminated. In Florida, termination can occur only after a foreclosure lawsuitis filed in the county where the property is located.
However, before a Florida lawsuit can be filed, most standard mortgages require the holder of the mortgage (bank, servicer, lender, trustee, etc.) to give notice to the homeowner in accordance with paragraph 22. Paragraph 22 states,
“The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums..”
Once the pre-suit notice requests have been satisfied, the bank then files a lawsuit to ask to be paid or reimbursed for the following:
past due interest on the note;
abstracting, or title search;
real estate taxes;
insurance premiums; and
costs, including attorney’s fees.
What Does a Foreclosure Lawsuit Ask For?
In the foreclosure complaint, the bank will have language stating if the sums owed by the Plaintiff are not immediately paid, then the bank requests that the clerk of court allow the bank to foreclose on the mortgage and sell the property to satisfy the Plaintiff’s mortgage lien.
If you are facing foreclosure, Bruce Jacobs can assist in the following ways:
Defend the foreclosure to give you time to catch up on missed payments;
Applying for a loan modification which may reduce your interest rate and make mortgage payments more manageable; and
Selling your property for less than what is owed on the loan. (Short sale)
Get A Free Case Evaluation – Call (954) 961-1993
Contact Bruce R. Jacobs to find out how he can help you with your Miramar foreclosure. You can contact him by phone at (954) 961-1993 or by e-mail through this web site to schedule an appointment and learn more about your rights. He offers a free initial consultation.