Lawyer Florida
Attorney Florida
Lawyer Miami™: Website for the Law Offices of Dennis R. Haber, P.A., a Florida Attorney Firm providing Legal Services
     
Miami Lawyer
Miami Attorney
Commercial
Law
Business
Formation
Real Estate
Closings
Credit &
Collections
Default &
Foreclosure
Debt &
Bankruptcy
Estates &
Probate
The Three Stages of Foreclosure

LAWYER MIAMI: Florida Attorney Firm Providing Legal Services, Law Offices of Dennis R. Haber, P.A., Miami Lawyer STAGE 1 : THE NOTICE OF DEFAULT PROCESS

Foreclosure proceedings are initiated with a Notice of Default (NOD). The Notice of Default is recorded at the request of the lender by the trustee which, in effect, gives notice to the public that the loan is in default.

The actual recording of the notice takes place at the County Recorder's Office in the county in which the property is located. It denotes essential data pertaining to the trust deed, the amount in arrears, address of the property, and the date of recording.

In the state of California the trustier (Borrower) has three months from recordation of the notice of default to reinstate the loan (to make the loan current by paying all payments in arrears, any late charges, or other deficiencies). The law requires the lender to accept the trustee's reinstatement money during this three month period.

STAGE 2 : NOTICE OF TRUSTEE SALE

If the trustier does not reinstate the loan within three months, then the lender will instruct the trustee to publish a Notice of Trustee's Sale. This published notice states that the subject property will be sold to the highest bidder after twenty one days from publication of said notice.

During this twenty-one (21) day period, referred to as the Publication Period, the lender has the right to refuse reinstatement of the loan and can demand payment in full of the entire unpaid balance of the loan. (In the state of California the lender must accept the Trustee's reinstatement if it is tendered more than five days before the sale. Within five days of the sale the lender may refuse reinstatement and demand full payment) Often, lenders will allow reinstatement during the Publication Period.

The actual foreclosure sale will take place at a designated location chosen by the lender at least twenty-one (21) days after the three month reinstatement period. Proceeds from the sale will be disbursed to all lien holders in order of the priority of their recorded trust deeds. If the auction is unsuccessful at attaining a buyer at the minimum bid price then the property reverts to the lender.

STAGE 3 : OBTAINING POSSESSION OF THE PROPERTY

Whoever ends up with the property at the auction sale must now start another legal action in order to get physical possession of the property. This process is referred to as an unlawful detainee and can usually be completed within four to six weeks.

Click here for more...

Divorce &
Child Custody
Elderly &
Guardianship
Free
Newsletter
Free
Legal Forum
About
Us
Contact
Us
Home
Page
 
Florida Lawyer

LAWYER MIAMI: Florida Attorney Firm Providing Legal Services, Law Offices of Dennis R. Haber, P.A., Miami Lawyer
Copyright © 2004 Law Offices of Dennis R. Haber, P.A., a full service law firm, attorneys providing legal services in Miami, Florida.

E-Mail Us    Other Resources    Top    Home

 
Florida Attorney