Overview of Foreclosure Process

From your Seminole County foreclosure and Seminole County short sale realtor, the “foreclosure process,” for curious Seminole County foreclosure and short sale participants, means the judicial process that mortgage lenders in Florida must follow to take back ownership of a home through foreclosure after a borrower has defaulted in making the payments due. As discussed elsewhere, a Seminole County short sale is a great alternative to foreclosure.

Lenders in Florida must follow the judicial foreclosure process. Lenders must file a foreclosure lawsuit in the circuit court in the county (Seminole County) where the property being foreclosed is located and personally serve the borrower with the lawsuit papers. The lender must obtain a judgment of foreclosure and a court order allowing the property to be sold at foreclosure auction. When a lender files a foreclosure lawsuit, the steps typically taken are:

Notice of Default

Notice of Lis Pendens

Summons and Complaint

Answer

Preliminary Hearing

Summary Judgment Hearing

Foreclosure Sale

Deficiency Judgment

Each of these steps in the foreclosure process are listed and discussed in more detail in the tabs below this Overview section. Just click on the link for each of the terms.

If you have any questions about the Seminole County foreclosure process, please give Richard a call.