Hannah Desmo…, Renter in Fort Lauderdale, FL

What types of foreclosure are there?

Asked by Hannah Desmond, Fort Lauderdale, FL Wed May 22, 2013

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Hannah,

You are full of questions tonight?

Pertaining to your foreclosure question, are you asking from the homeowners point of view or from a buyer/investor point of view? There is a significant difference between the two.

If you are a homeowner behind on your monthly payments and are considering or you have been warned from your lender that they will begin foreclosure process, then, you need to hire a foreclosure attorney (see Gary Hitchcock comment below).

If you are an investor or you just want to buy a foreclosure home, there are many variances to the way each property is presented for sale as a foreclosure because each lender has different ways and or restrictions on how to proceed to purchase one of their properties. To which, it will be beneficial for you to get a Real estate agent specializing in foreclosures to help you locate and properly present an offer to purchase.
1 vote Thank Flag Link Wed May 22, 2013
haha, very true...just doing my hw!
Flag Thu May 23, 2013
hi Hannah,

In the most simplistic terms, a foreclosure is when the mortgage owner fails to make 3 or more consecutive payments to the lender as agreed. The legal process is either Judicial or Non-Judicial.

With that said, I would urge you to seek legal counsel as the process can be complicated, avoided, delayed and sometimes dismissed by the courts.
0 votes Thank Flag Link Tue May 28, 2013
California is a Non Judicial Foreclosure State, hence the lender must give the home owner a NOD a Notice of Default, hence you can have 90 days to catch up on the payments.

Should you have more questions feel free to reach out to me directly

Endre Barath,Jr
Prudential California Realty
Beverly Hills, CA

homes@endrebarath.com
310.486.1002(m)
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Sun May 26, 2013
did you note he was in Florida?
Flag Sun May 26, 2013
There is Judicial and Non-Judicial foreclosures. Florida is a Judicial state so it goes through the court system which can take some time. Foreclosures may stay on a seller records for a period of up to 7 years. A short sale is a realtors best way to help a seller in this circumstance.


Susan Penn, PA, SFR
Esslinger-Wooten-Maxwell Inc
2000 Main Street
Weston, FL 33326
954-557-5993
E-mail: penn.s@ewm.com
http://www.susanpenn.com
0 votes Thank Flag Link Sun May 26, 2013
Thanks everyone! This helped.
0 votes Thank Flag Link Thu May 23, 2013
Judicial foreclosure is allowed in all states, and occurs when the lender files a civil lawsuit against the borrower, with the entire process being handled by the court. Judicial foreclosures can be further divided into two types: foreclosure by sale, and strict foreclosure. Foreclosure by sale requires the home to be auctioned to the highest bidder with the lender placing the first, or opening, bid. These auctions are commonly referred to as sheriff sales. In a strict foreclosure, the court sets a date by which the owner must pay the mortgage, and if the owner fails to pay, the court awards ownership of the home to the lender with no auction taking place.

The non-judicial foreclosure process allows a lender to advertise and sell the property at a public auction, without court involvement, by following a process specified by the state. As the process is laid out in state laws, or statutes, the non-judicial foreclosure process is sometimes also referred to as Statutory Foreclosure. A key requirement for non-judicial foreclosure is that the borrower agreed to the process when they took the loan. To accomplish this, a power of sale clause is added to the mortgage, or deed of trust, which gives a third-party trustee the right to sell the property in the event the borrower does not make their payments. Given this clause, non-judicial foreclosures are sometimes referred to as foreclosure by power of sale.
0 votes Thank Flag Link Thu May 23, 2013
It would be good for you to seek legal advice from a real estate attorney. Generally speaking the mortage is a lien against your house and after 60 days the lender can start foreclosure and if you are a member of an association they can foreclose as well for non payment.
0 votes Thank Flag Link Wed May 22, 2013
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