Loan Modification Florida
Depending on your exact situation, your lender may consider a modification of your current loan terms. With a loan modification, it's possible to refinance the debt and/or extend the term of your original mortgage loan. This can make your new monthly payment affordable and allow you to include missed payments, penalties and arrearage into a new 30 year loan. A mortgage modification is also one of the fastest ways to stop foreclosure and get back on track with your payments.
Loan Modification Florida - Judicial Foreclosure
In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.
The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice.
Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that "the court reviews the sale to ensure a fair price has been paid." Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered.
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