An experienced Cocoa foreclosure attorney is essential when navigating Florida foreclosure laws. At The Law Offices of Justin R. Payne, P.A. our entire staff is dedicated to providing superior service to our foreclosure clients throughout Brevard County. Retaining a well qualified local Brevard County real estate attorney is the best way to assure your case receives the personal attention and service that is required to be successful.
Under foreclosure laws in Florida, mortgage lenders and lien holders have the right to foreclose and retake possession of the property that is the collateral for the underlying debt. Florida is a judicial foreclosure state. This means that there are many requirements that must be met through the entire foreclosure process, or the Court can deny foreclosure and dismiss the suit. Employing the services of an experienced Florida foreclosure attorney is critical to obtaining an accurate evaluation of the case.
Florida foreclosure laws and the terms of the Note and Mortgage govern foreclosures in Florida. Typically, the process begins with the mortgage lender giving the borrower notice of default. If the borrower does not cure the default by bringing the payments current, the next step is to file a foreclosure complaint and lis pendens with the court, and then have these documents served on the borrower. The borrower has 20 days to answer after the complaint is served. If the borrower does not answer, the Court can enter a default judgment and order a judicial sale of the property to satisfy the debt. If the borrower answers the complaint, the Court must determine the prevailing party at hearing or trial. A qualified Florida foreclosure attorney is vital to proper preparation and analysis during the initial stages of the case.
There are additional procedures that either can or must be followed depending on whether the foreclosure involves commercial, residential, homestead or non-homestead property. In certain commercial and non-homestead foreclosures, procedures are available to the lender to expedite the process and recover any rental income generated by the property while the case is pending.
In mortgage foreclosure cases involving the borrowers’ homestead, lenders may be required to attend mediation with the borrower before any final judgment is entered. This gives the lender and borrower an opportunity to reach a settlement. A well qualified Brevard County real estate attorney should be able to review the facts of your case and explain the required foreclosure procedures under foreclosure laws in Florida.
Settlement in these cases can include a loan modification, reinstatement of the mortgage, a short-sale, or a deed in lieu of foreclosure. Mediation is only required for specific properties and cases. It is not required in every case.
Cases that do not settle must be decided at a final hearing or trial. If the lender is successful, the unpaid debt is reduced to a judgment entered in favor of the lender. When judgment is entered against the borrower, the property is ordered to be advertised for sale by judicial auction to satisfy the judgment amount. At the auction, the lender and members of the public are able to bid to purchase the property. In some cases, if the sale amount is not enough to pay the debt, the lender can recover a deficiency judgment. A deficiency judgment is a money judgment against the borrower for the difference in the sale price and the amount of the judgment.
There are numerous variables that determine the appropriate procedure and strategy for any foreclosure suit. The complexity of Florida foreclosure laws is one of the best reasons to seek the representation of a qualified Brevard County real estate attorney who knows how to navigate the mortgage foreclosure process, and get the best outcome for the client. The foreclosure process is a complex one – and one which should not be faced without quality legal representation from an experienced Cocoa foreclosure attorney.
We invite you to compare our qualifications and experience to those of other Florida foreclosure attorneys you may be considering. Cocoa foreclosure attorney, Justin R. Payne has handled hundreds of foreclosures, representing lenders and homeowners since 2003. The initial consultation is free and evening appointments are available for your convenience. Contact us at The Law Offices of Justin R. Payne, P.A. to schedule a free consultation to discuss your case with a local Cocoa foreclosure attorney.
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