Florida Foreclosures — The Steps Involved In The Process That Creates Many Investment Opportunities
After all, if people are going to be investing in real estate then they might as well understand the origins of these real estate opportunities that are being presented to them on the market which is why we have put together an easy guide to the steps included in the process.
First of all, it is important to understand that the legal foreclosure process is one that takes place whenever a lender or mortgagee is able to secure a court order that terminates the property rights from the borrower or the mortgagor due to the inability to comply with the terms mentioned in the lease or mortgage.
When it comes to Florida foreclosures, the laws of the state require the first steps to include the notice of default as well as the Lis Pendes which is to be filed by the lender in court. The notice of default, on the other hand, is a notice that is given by the lender to the borrower in which a specific amount of money is indicated along with details as to how late the pending payment has been since it was due.
As required by Florida law, once the first steps have been taken, the notice of action and the foreclosure action come next. The notice of action involves making a post in the local newspaper in the event that the borrower fails to respond to the notice of default that there will be consequences if the due money is still not paid. After that, foreclosure action comes into play by filing information in court with regards to the property’s location and the lender’s plan to take hold of the rights to the property.
Once all of these steps have been followed, lenders who have been granted full rights to Florida foreclosures are then allowed to do as they wish in order to gain back the money that was lost in the process and in doing so, thousands of property buyers and investors are given the opportunity to own real estate in Florida without having to pay the full price since lenders tend to place foreclosure properties on the market for great bargain prices which make the perfect options to consider when entering into the most profitable real estate investments possible.
Joan Vonnegut
Florida Foreclosures
