Jacksonville Florida Short Sales FAQ: How Long Does It Take The Bank to Foreclose on My Home?
In Florida, we are a judicial state, meaning the lender has to obtain a court order to foreclose and the court supervises the foreclosure process. The lender can not start the foreclosure process until you are 3 months behind, so you may get notices from your bank telling you they are starting the foreclosure process, when you’re only 2 months behind. Just know, they are just trying to collect what is owed to them. They may be starting their process, but they still can’t go through the court system yet.
After you’re 3 months behind, you will then receive a notice of default, which will call the total loan due and also let you know if you pay what you’re behind on, then the foreclosure process will stop, so don’t think at this point that it’s too late to catch up your payments. You can catch them up anytime, up to the house actually selling at the courthouse. Once the NOD is sent, there is a 30 day waiting period, and once that waiting period is over, the attorney for the bank can file a notice of Lis Pendens with the court.
Once the Lis Pendens is filed, the minimum time from that point, until the actual courthouse sale date is around 4 months, if the home owner does not contest it. The home owner can participate in the process and get more time if the judge grants it. In my experience, the judge usually does grant more time. If you are at this point, I HIGHLY recommend that you consult an attorney. Do not wait until the last minute either.
I know you have probably heard in the news, of people living in their home for a year or two without making a payment and the bank not foreclosing on them. It is possible, that the bank may take longer to foreclose, then the time frame above. They may wait 6 months before you get that NOD in the mail. That’s great if that’s the case, and it gives you more time to formulate a plan and to act on that plan. Just make sure you read every piece of mail your bank sends you, be mindful of the time line and don’t wait until the last minute to do something!
Once the attorney has file the Lis Pendens, it is public record and can be viewed by anyone. Here are the websites for the following counties:
St Johns County Clerk of Court
Got questions? Are you in a short sale and/or pre-foreclosure situation with your Jacksonville Home? Call me at 904-910-3516 or send me an email at pam@pamgraham.com.
I am not an attorney or tax expert, you should seek legal or tax advice from an attorney and CPA.
Coming soon, more Jacksonville Florida Short Sales FAQ:
How long will a short sale take?
Will the bank come after me for the difference?
How will a short sale affect my credit?
I have no money, will I have to bring money to closing?
How will the closing costs get paid?
How long does it take for the bank to foreclose on my home?
What are the tax ramifications doing a short sale?
How does the bank determine how much they will accept?
Can a family member buy my home, then let me stay and rent it from them?
How do I hire the best real estate agent to get my short sale done?
