It’s the only way you will be able to get paid for your mortgage or get your property back with “Marketable Title” when a Borrower quits paying you. When you sell your property later on, that is, if you are the successful bidder in the Foreclosure lawsuit, a title company will not insure title unless the Foreclosure lawsuit is completed properly.
Unless there are unusual defenses presented, Foreclosure lawsuits normally last from 6 months to 12 months.
Finding and serving all required Defendants can be very time consuming and difficult. Many Defendants do not want to be found or served with process. Setting necessary hearings on Judge’s calendars sometimes take months because of today’s very heavy case loads.
Only if Borrower/Owner requests mediation and if the Borrower/Owner lives in the premises, you will be required to go to one mediation conference at your expense.
Not necessarily. Whoever ends up with the property after foreclosure sale takes it subject to any unpaid property taxes, certain government liens, condominium and homeowner’s association maintenance fees. There may be other superior liens as well.
Whether they are prior owners or bona fide tenants makes a difference. Newly enacted laws may require a hearing after the Foreclosure sale in order to obtain writs of possession. It takes some extra work and expense if the occupants won’t vacate voluntarily.
Once bankruptcy is filed by a Defendant/Owner, the foreclosure is immediately halted by Federal law. There are requirements for a party filing bankruptcy to resume making regular mortgage payments if he or she wishes to keep the home.
Keith Ringelspaugh PA has been representing Landlords and Lenders in matters of Landlord/Tenant Eviction Law and Mortgage Foreclosure Law for over 35 years.!Real Estate Law
Keith Ringelspaugh is one of only a few Florida attorneys who has earned a Board Certification in Real Estate Law.Board Certification in Real Estate Law
Keith Ringelspaugh handles real estate, probate, estate and trust law making it convenient and economical to have one attorney who can perform all those functions!Areas of Law