12. Understanding the Foreclosure Process in Archer FL

We Buy Houses In Archer Florida. Are you one of those homeowners who are facing foreclosure right now? If you’re planning to sell your property, we are reputable homebuyers in Archer and we offer cash for houses in Florida in any situation.

Before we dive in…Understanding the foreclosure process in Archer FL is an important part of navigating your own home foreclosure.

What is foreclosure anyway?

Foreclosure is the legal process that lenders use to take back property securing a loan, generally, after the borrower stops making payments.

Foreclosure is no fun.  But just know that it’s not the end of the world.

When you know how foreclosure in Florida works… it arms you with the knowledge to make sure you navigate it well and come out the other end as well as possible.

The Basic Stages of A Foreclosure

There are a few stages that are important to any foreclosure process. Foreclosure works differently in different states around the country.

The two ways different states use to foreclose upon a property are judicial sale or power of saleConnect with us by calling (352) 507-8562 or through our contact page to have us walk you through the specific foreclosure process here locally in Archer FL.

In either scenario, foreclosure typically doesn’t go to court until 3-6 months of missed payments have elapsed. Usually (but not always), a lender will send out many notices that you are in arrears – overdue or behind in your payment.

Under Judicial Foreclosure:

  • Your mortgage lender must file suit in the court system.
  • You’ll get a letter from the court demanding payment.
  • Assuming the loan is valid, you’ll have 30 days to bring payment to court to avoid foreclosure (and sometimes that can be extended).
  • If you don’t pay during the payment period, a judgment will be entered and the lender can request the sale of your property – usually through an auction.
  • Once the property is sold, the sheriff serves an eviction notice and forces you to immediately vacate the property.

Under Power of Sale (or Non-Judicial Foreclosure):

  • The mortgage lender serves you with papers demanding payment, and the courts are not required – although the process may be subject to judicial review.
  • After the established waiting period has elapsed, a deed of trust is drawn up and control of your property is transferred to a trustee.
  • The trustee can then sell your property to the lender at a public auction (notice must be given).

Anyone who has an interest in the property must be notified during either type of foreclosure.

For example, any contractors or banks with liens against a foreclosed property are entitled to collect from the proceedings of an auction.

What Happens After A Foreclosure Auction?

After a foreclosure is complete, the loan amount is paid off with the sale proceeds.

Sometimes, if the sale of the property at auction isn’t enough to pay off the loan, a deficiency judgment can be issued against the borrower.

A deficiency judgment is where the bank gets a judgment against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.

Some states limit the amount owed in a deficiency judgment to the fair value of the property at the time of sale, while other states will allow the full loan amount to be assessed against the borrower.

Here’s a great resource that lists the state by state deficiency judgment laws, since every state is different.

Sell My House In Archer FL

Generally, it’s best to avoid a foreclosure auction. Instead, call up the bank, or work with reputable Archer home buyers like us at Sell Your Gainesville Home Today to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure.

Experienced investors can help you by negotiating directly with banks to lower the amount you owe in a sale – or even eliminate it, even if your home is worth less than you owe.

If you need to sell your house in FL, we can help you. We purchase properties in Archer FL like yours from people who need to sell fast.

Give us a call anytime (352) 507-8562 or
fill out the form on this website today! >>

Other Foreclosure Resource For Archer FL HomeOwners:

Resources On Avoiding Foreclosure from the U.S. Government >>