How long does it take to foreclose on a house in florida?

Question

We cannot make our mortgage payments of $1500.00 a month anymore, my husbands line of work as suddenly died down in county. Also, what will happen to us when we foreclose, can they garnish our wages even though we are self employeed and filing bankruptcy?

Answer 1

i have clients that have gone a year or more but the entire time you are not maiking payments they are being tacked on to what you owe. In some cases they can exelerate the rate so the nice 7% you where paying in interest is now 12-18%.
if you have no equity left foreclosue bailouts wull usally do about 70 tops of the value if you owe more. consider bankruptcy. but if you let it go without addressing it the problem will get much worse

i have a client that lost a home she originally owed only 35k and it was worth 110k but afer hiding her head in the sadn by the time she did she owed over 85k she lost it cause they excelerated her rate and she didnt respond for over a year
once you file they can't charge any more late interest

Answer 2

Once you file for bankruptcy, the judge will "stay" the foreclosure procedure until the discharge and they cannot garnish your wages either. You can include the property in the bankruptcy, or maybe call the lender and ask about a deed in lieu of a foreclosure. YOU ARE NOT ALONE, Florida has the 3rd largest foreclosure rate. I would call an attorney right away and get it done to protect your self from garnishment and deficit judgments that are possible.
I feel bad for you, I wish there was more I could do. I hope the web site below can give some additional information. Good luck

Answer 3

just watched one next door to my father in [coastal FL] county.

after you're more than 30 days overdue with payments (ie, you owe two payments), the company can move to foreclose (doesn't mean they will move this fast -- depends on company and what you tell 'em).

The process takes a few weeks ... maybe six if you can be found to serve and four more if you can't.

if you file for bk, any deficiency on the ultimate sale of your place [amount owed less net sale price less repairs, etc.] goes to the bankruptcy court and is disposed of there

[you can't be garnisheed afterward -- HOWEVER, the bk court might order you to make a specificed level of payments based on your income -- won't change much if a few thousand is added from deficiency.].


GL

Answer 4

This link will give you details on Fla foreclosures. All other states can be found here as well, hope it helps.

If you are like me and do not click on many links then type the link into a search engine first and you will see it is legitimate.

Ignore any and all links that is not my intent the information on foreclosures per state is all I am telling you about.

http://www.foreclosures.com/www/pages/state_laws2.asp?state=fl

Answer 5

If the house in FL in todays market it could take 180 days and up. I help homeowners to postpone the Foreclosure
negotiate a Short Sale and gut the homeowner remain in the property for quite a bit

Answer 6

Please call this number first thing Monday 888-995-HELP. It is a counseling service approved by HUD to assist homeowners in your position. Please don't wait and lose all your investment and good credit.

No they won't garnish your wages, but if you let it foreclose, they could send a 1099 to the IRS for the difference between the mortgage balance and what they actually sell it for. That is a big "if". but I want you know it's possible.

Don't wait, call on Monday. If I an help further, just email me.

Answer 7

Here are links that you need to research:

Fannie Mae Loss Mitigation policies on Foreclosures
https://www.efanniemae.com/is/hcounselors/lossmitigation.jsp

Site #2
http://www.fanniemae.com/housingcommdev/resourceshomeed/lossmitigation.jhtml?p=Affordable%20Housing%20&%20Community%20Development

FHA Definition of terms used in Loss Mitigation on Foreclosures
http://www.fha.gov/sf/svc/faqmain.cfm

Government article and information on Foreclosures
http://www.occ.treas.gov/cdd/spring06b/cd/gsesusetech.htm

HUD Initiations of foreclosures, an explanation
http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=HBKS&s1=Foreclosure+procedures&op1=AND&l=100&SECT1=TXT_HITS&SECT5=HBKS&u=./hudclips.cgi&p=1&r=83&f=G

HUD: Servicing and Loss Mitigation on Foreclosures
http://www.hud.gov/offices/hsg/sfh/nsc/faqnsctc.cfm

Site #2
http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm

HUD: Approved House Counseling Agencies includes foreclosure issues, by state
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

HUD: Article on Foreclosure Issues
http://www.huduser.org/Periodicals/ushmc/fall95/fall95.html

National Home Recovery Program for foreclosures http://www.nhrp.com/

Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/seniors_initiative/advforcl.shtml

Dreams Foreclosed – Scams about foreclosures – A pamphlet: http://www.consumerlaw.org/news/ForeclosureReportFinal.pdf

Free legal aid search for all states: http://www.lawhelp.org/

Best of luck on your research and I hope your situation improves.

Answer 8

I am a foreclosure specialist in Ohio. I believe the time lines are pretty universal. Here it takes at the very least 3 months but up to a year or more. It depends on how quickly they can get you served and how fast the sheriff's department in your county can set it for sale.