Losing your home is sure to be hard to handle. However, foreclosures do occur every day, and if you’re in this situation, you will want to know what to expect. The key to dealing with this difficult situation is by being as prepared as possible and having a positive attitude in a negative predicament. You should also strongly consider relying on the assistance of a foreclosure defense attorney in Miami Lakes that will help legally guide you through this process. Additionally, by knowing all of the steps that will be taken, this can be helpful to you, as well.
Step #1: Pre-foreclosure
When you fail to make a payment, the foreclose process can be begin as soon as 30 days after doing so. It’s not uncommon for some lenders to first file a warning letter simply stating that if a payment isn’t made with a certain amount of time the proceedings for a foreclosure will take place.
The official statement regarding your foreclosure may be with a letter that is known as the Notice of Default letter. This will be recorded at your local governmental offices alerting others of this warning.
However, the Notice of Default letter will provide you with a time that your payment must be made for you to avoid the foreclosure action. If this is made, the home will not go into foreclosure. Yet, if the payment isn’t completed, your Miami foreclosure lawyer will advise you that this process will begin.
Step #2: Auction
The next phase in the foreclosure process will involve putting the house up for public auction. There will typically be an advertisement posted in your local newspaper for three weeks before this actually takes place and be sure to check with your Miami foreclosure attorney about this.
There will be a minimal amount set as a starting bid, and the highest bidder will be awarded the property. However, you should keep in mind that many lenders will accept cash only at an auction for a foreclosed home. Be prepared for this in advance by having s certain amount of cash on hand before attending.
Step #3: Bank owned
In some rare cases, there may not be an individual that wants to purchase the home at the auction. If this is the case, the property will be returned to the bank and the lender will be responsible for getting it sold.
The bank will then be responsible for getting the home sold and being able to recoup money that the lender owed for it.
Being able to know what to expect and when to expect can be the key to getting through a foreclosure. Take the time to work with a Miami, FL foreclosure lawyer in your area to assist you through all the various stages of this process!