West Palm Beach Bankruptcy Lawyer

The Steps of Judicial Foreclosure

In Florida, foreclosure must go through the court. This process takes some time and gives you a chance to try to rectify the situation before you lose your home. Here are the steps involved in foreclosure:

1. You fall behind in your mortgage payments - This generally takes a few months before the lender will start foreclosure.
2. Your lender sends you a notice of intent to begin foreclosure - You are given notice, but given a chance to avoid it if you pay what you owe plus interest accrued.
3. Your lender files a lawsuit - If you do not make the payments, your lender files a lawsuit against you for foreclosure.
4. Your lender notifies you of the lawsuit - You are served with a Summons and Complaint.
5. You get a chance to respond - You can choose to respond to the summons. This can greatly increase your chances of keeping your home, and not being foreclosed on.
6. Your lender sends you a notice to sell your house - Once judgment is passed to foreclose, you will be sent a ten day notice of intent to sell the property. You can still get out of this if you can somehow pay all the debt you owe plus interest and attorney fees.
7. The house is auctioned - The house will be auctioned, but if nobody buys it, it will belong to your lender.
8. You are either allowed to stay or evicted - Once you lose ownership, your lender may allow you to stay in the house for some time without payment. However, they are well within their rights to evict you at any time with proper written notice.

A West Palm Beach Bankruptcy Attorney Can Help

Foreclosure can be a difficult process. If you believe that you may be going through this in the near future, contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates at 561.353.2500.