Davidson Realty, Inc.

What is Foreclosure?

October 14, 2009

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Posted by in Distressed Properties, Foreclosures

DSC_0326Are you are struggling to make your mortgage payment and afraid your home may be foreclosed? You are not alone. There are many foreclosures in St. Augustine, Jacksonville and the rest of the Country.

Many people don’t understand how foreclosures work. Foreclosure is a process with four phases.

1. Default – You must miss a payment or more likely several payments to be in default. You may also enter the foreclosure process if you miss payments to a local taxing authority, a condo association or a homeowners association.
2. Legal Notice – The lender or foreclosing party must notify the owner that they are entering into the foreclosure process. In Florida they file a Notice of Lis Pendens. The owner will be personally served with the document and/or the foreclosure will be published in accordance with the local statutes.
3. Bank Sale or Auction Date – In Florida a Judgment of Foreclosure is filed that sets a sale date. The full amount due including penalties will be listed in the Judgment. On the sale date the property will be sold at the County Courthouse.
4. Redemption Period – The redemption period is the time during which the homeowner may present payment and regain possession of the property. After the sale in Florida, the Certificate of Title can be issued after 10 calendar days.

There are 9 solutions to Foreclosure that I will discuss in my upcoming blog. Call a CDPE (Certified Distressed Property Expert) in your area to discuss ways to prevent your property from foreclosing.

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About the Author
Sherry Davidson
President of Davidson Realty

Since launching Davidson Realty in 1989, Sherry Davidson has built the firm to include nearly 60 agents and exceed $100 million in annual sales. She is known throughout the First Coast as an authority on all things residential real estate, having served on the Board of Directors for Northeast Florida Association of Realtors, Florida Realtors® (a division of the National Association of Realtors), and Builders Care (charitable arm of Northeast Florida Builders Association).

Thanks to Sherry’s leadership, Davidson Realty has been recognized as one of the state’s Best Companies to Work For (Florida Trend Magazine), as well as one of the region's Best Places to Work and 50 Fastest Growing Companies (Jacksonville Business Journal). Get to know Davidson Realty’s talented team of agents by clicking here or call us at (904) 940-5000.

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