Notice of Action
This is when, in the State of Florida, the Foreclosure process starts. It is known as pre-foreclosure process. Usually a foreclosure process will last about 5 month until the property is offered at a foreclosure sale.
The borrower is made aware of the notice of Foreclosure and has a certain amount of time to respond to the court action. If the home owner doesn't’t respond to the court action, the clerk of the court may find the borrower in default and request the court to make a final ruling in the lender’s favor.
Usually the lender will ask for a foreclosure sale.
The borrower has the right of redemption and they can repay the total mortgage amount until the day of the auction. If the borrower pays the entire amount of the loan, the foreclosure process stops and the homeowner can assume ownership of the property.
Foreclosure Naples -2010 Reality
RealtyTrac predicts that by the end of 2010, about 7 million U.S. homes will be in a foreclosure process stage. One of the greatest reasons for homes going in foreclosure is the equity loss. This happens when the total amount owed to the bank is grater than the value of the home.
This is one of the reasons why many of the foreclosed homes do not sell at a sheriff’s auction. Savvy investors and first time home buyers are doing their research and see REO properties selling for 40-60 cents on the dollar compare to the amount owned by the previous owner.
What is the smart thing to do?
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