Lake Mary Foreclosures – What’s Going To Happen When You Can’t Make Your Mortgage Payments…

How much time do I have before I have to be out of my house?  That is one of the first questions that I’m asked by Lake Mary Homeowners who can no longer make their mortgage payments.  Please don’t hesitate to ask questions when you are facing financial difficulties, there is a lot of misinformation on the internet about Foreclosures and Short Sales.  I’m asked at least once or twice a week about Lake Mary Short Sales – Please click here for more Short Sale information.

The following is a brief timeline of the Seminole County Foreclosure Process:

• Notice of Default typically occurs after 3 payments have been missed.  For example if your payment is due on January First and you miss that payment and do not pay February and March, you will be in default on March 15th or after 110 days.
• The lender typically files a Complaint with the court to file a notice that they are seeking foreclosure of the property.
• The homeowner has 20 days to answer the complaint of Foreclosure
• If no answer is received, The Default of Mortgage will be filed after the 20 day answer time preriod.
• The Final Judgement of Foreclosure 20 to 60+ Days after the Lis Pendis is filed – This filing order the Judicial Sale of the property on the courthouse steps by the clerk of the court.
• The Judicial sale occurs 25 – 35 days after the Final Judgement (This terminates the Owner’s rights to property)

This is only a guide to the general process and the timeline will vary based on the mortgage lender and the property.  Please consult an attorney for legal advice regarding how a Foreclosure will affect you.

The entire process can take as little as 6 months to more than two years.  If you have questions about selling your home prior to foreclosure, please give me a call.  I can also provide you with an attorney’s name for legal questions regarding foreclosure – I am not an attorney and can not give legal advice, but I’m hear to answer questions and help provide you with the resources so that you can make the decision for your situation.

Debbie Summers – Lake Mary REALTOR