If you’re worried that your property might be heading toward foreclosure because of factors beyond your control, your best option is to contact your lender and seek a solution before the situation escalates. That said, having a clear understanding of the foreclosure process can alleviate some of the stress involved. For homeowners in Florida, knowing what to expect during each phase of the foreclosure process can make navigating this challenging time more manageable. Let’s walk through the key steps homeowners typically face as the foreclosure process unfolds.
Default
Lenders are generally aware that homeowners in Florida might face short-term financial difficulties, which is why they often offer a grace period to help in such cases. But if you’ve missed multiple payments and don’t anticipate an immediate resolution, the foreclosure process will likely begin. At this point, your lender will make repeated efforts to reach you, exploring possible payment arrangements to prevent the situation from progressing to more serious stages of foreclosure.
Notice of Default
Homeowners in Florida will receive a notice of default from their lender once payments have fallen significantly behind. This official notice marks the start of a critical 90-day period in the foreclosure process, during which you have the opportunity to catch up on your missed payments and settle the outstanding balance.
Mortgage Reinstatement
In Florida, homeowners who have fallen behind on their mortgage but are able to make up the missed payments, along with any accrued interest and penalties, can halt the foreclosure process. By reaching an agreement with the lender and reinstating the mortgage, they can return to their regular payment schedule and avoid further foreclosure proceedings.
Notice of Sale
After the 90-day period following the notice of default, homeowners in Florida should prepare for the next phase of the foreclosure process: the issuance of a notice of sale. This notice informs the homeowner that their property will be scheduled for auction by the trustee (typically the lender) within 21 days, marking a critical turning point in the foreclosure timeline.
Auction
In the final stage of the foreclosure process for homeowners in Florida, the property is put up for auction, where the highest bidder must provide payment immediately. If the home doesn’t sell during the auction, it will revert to the lender as an REO (Real Estate Owned) property. At this point, if you’re still living in the home, the new owner or lender may initiate eviction proceedings. In some cases, the lender might offer a “cash for keys” arrangement to help you move out in exchange for peacefully vacating the property.
Another Option
Homeowners in Florida facing foreclosure have another alternative: selling directly to local professional buyers like those at True Freedom Homebuyers. The process starts with the professional buyers at True Freedom Homebuyers providing a detailed comparison of the costs and potential profits from listing your property, along with an estimate of the typical time your home might spend on the Florida real estate market. Next, the buyers at True Freedom Homebuyers will break down their offer, transparently sharing the calculations behind it, so you can feel confident that the offer is fair. Additionally, we offer a guaranteed closing date, often within just a few days. At True Freedom Homebuyers, we follow this process for two important reasons: first, to ensure you make an informed choice that suits your needs; and second, because as your neighbors in Florida, we are committed to your long-term satisfaction with the transaction, even after closing.
True Freedom Homebuyers
Selling your home directly to True Freedom Homebuyers offers a stress-free solution for homeowners in Florida facing foreclosure, saving both time and money. With a direct sale, there are no real estate commissions, closing costs, or hidden fees—at True Freedom Homebuyers, we believe in full transparency with zero pressure. Plus, we purchase homes in Florida as-is, meaning you won’t need to spend a dime on repairs, cleaning, or prepping your property. To make things even more convenient, you can choose the closing date that works best for you. Get in touch with a professional buyer at True Freedom Homebuyers today to discuss your options. Call us at (407) 701-4099 to start the conversation.