If you are living in Florida and would like to learn more about what foreclosures are and how you can avoid them in the future, you will find the following information to be of great use to you so that—unlike many other families in and around the state of Florida— you do not have to end up in any unfortunate circumstances that could end up costing you your home.
Now, foreclosures start out when lenders file notice in court which states the intent to begin foreclosure proceedings against an individual that has borrowed from them. As this is carried out, the lender will surely get in touch with the borrower to inform them that start of the proceedings has already taken place.
In the event that the notification has been sent out and the borrower fails to respond, he/she will then be found to be in default by the court which could lead to the abrupt final ruling on the case. Once that is set in motion and the court decides to rule against the borrower, the total amount of money that the borrower needs to provide to his/her lender will be included in the ruling and the court will inform the borrower when the foreclosure can be expected to take place.
Although most people will generally jump to the conclusion that the lender is after the borrower’s real estate property, it is important to be aware that the lender only wants the due payment back since that is what has been agreed upon in the first place. As a matter of fact, lenders are not required by law to inform the borrower about their plan to push through with foreclosure proceedings, but due to the rampant problem that is associated with most Florida banked owned properties, lenders take the liberty of getting in touch with their borrowers in the hopes that the foreclosure can be avoided altogether since there really is a lot of hassle involved in the process.
In the event that you find yourself subject to undergoing foreclosure in the future, it is important that you speak with a lawyer that can provide you with information as well as any necessary legal advice to help you get through such an undesirable situation.