South Florida real estate guide foreclosures
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<<Real Estate Foreclosures

 

South Florida's Real Estate Guide

Unfortunately, real estate foreclosures have become a fact of life in the South Florida real estate market. With the crisis in the mortgage markets and a downturn in the economy, more and more homes and commercial property are being foreclosed to pay off debt.

It is important to understand the rules and regulations regarding foreclosure to assist you in this crisis. This is equally true for the owners of property subject to foreclosure, as well as for those looking to purchase properties at auction or otherwise.

First, it is important to mention that you should always contact an attorney to assist you in understanding your rights and responsibilities. Realty attorneys can definitely assist your understanding and also work to prevent you from making a mistake that can cost you tens of thousands of dollars. These mistakes can be simple administrative errors or timing errors that are not really at any fault except for a lack of oversight.
 
Mortages in the state of Florida are ruled by Title XL-REAL AND PERSONAL PROPERTY in Chapter 702 - FORECLOSURE OF MORTGAGES, AGREEMENTS FOR DEEDS, AND STATUTORY LIENS. If you'd like to view the text, you can click here for the 2007 version.

Though you should consult an attorney, we have some general information here. This is by not means an exhaustive list. Seriously, consult an attorney.

1) Right of Redemption. The state of Florida allows an owner the right to redeem himself by paying off the mortgage prior to auction even after being notified of foreclosure. There is a time limit. Consult a lawyer!

2) Deficiency Judgements. If a property is auctioned and doesn't raise enough money to eliminate the associated debt, a deficiency judgement can be sought for the additional funds. That means that it might not be wise to just walk away from your foreclosed real estate thinking you are off the hook. A foreclosure is an important event.



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Miami-Dade County Mortgage Foreclosure Online System
Miami-Dade Mortgage Filing Statistics
  The official Clerk of Courts website for Miami-Dade County. Statistics from the Clerk of the Courts. The number went from 9,814 in 2006 to 26,391 in 2007.
 
 
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