Florida ranked #2 in the nation for the number of foreclosure filings per capita in 2007.  Nevada was number one.  Florida saw 1 foreclosure filing per 25.7 houses. Almost every day I receive a phone call from someone asking about the foreclosure timeline in Florida.

My website The-Short-Sale-Expert.com has a wealth of information for the consumer.  I invite you to check it out.

If you are a Manatee County Florida homeowner facing foreclosure you need to know the timeline for a Florida foreclosure. The shortest amount of time for the foreclosure process is about 90-120 days.  The longest is many, many months.  Here’s what happens.

1. The Borrower falls behind in their mortgage payments and starts receiving calls from the lender demanding payment.  This may go on for 3-6 months, or longer.

2. The lender hires an attorney to start the foreclosure process. 

3. The lender may order a “drive by” broker price opinion to see what condition the house is in and what it may be worth.

4. A “lis pendens” is filed. The words actually mean “litigation pending.”  The homeowner is served with the foreclosure lawsuit.

5. The Borrower has 20 days to file an answer to the lawsuit. If they do not file an answer, it goes forward like an “uncontested” foreclosure and is fast-tracked.  It is always best to involve an attorney at this point.

6. A hearing date is set and unless there is good reason to stop the foreclosure a Final Judgment is issued and the sale date is set.  This is typically about 30 days after the final judgment.

7. The public auction is held at the Manatee County courthouse steps.

8. The winning bidder is given a certificate of sale.  This is like a receipt, but does not constitute actual ownership.

9. Providing the sale is not disputed, in about 10-12 days a “certificate of title” is issued to the new owner.

10. If someone is still living in the house the judge will grant a writ of possession and the sheriff will serve notice to the occupants that they must move out within 24 hours.  If they don’t move out all of the belongings may be set out to the curb.

You may also want to read: The Florida Foreclosure Time Line

Foreclosure procedures differ state to state.  You should check out the foreclosure for your own state. Also, nothing herein should be considered legal advice and homeowners are advised to consult with a competent attorney for all legal advice.

(Copyright © 2008 By Dan Forbes, All Rights Reserved.)

The foreclosure process in Florida is a lawsuit with take about two to three months. It sometimes takes longer ifthe defendant takes some action to delay it. The process starts with a Lis Pendens and ends, if necessary with a Sheriff’s Set Out.

(This information is not to be considered legal advice. Foreclosure laws differ state by state. I am not an attorney and I recommend that you seek legal advice if you have questions about foreclosure. I am a real estate broker and can only give real estate advice. This is simply my understanding of the Florida foreclosure process. Just so you know, this information may be incorrect.)

When you purchased your home you signed a lot of documents at closing. Two of those documents were the mortgage and the note. The mortgage pledges the property as security for the debt which is owed. The note is basically your promise to pay.

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This post contains a link to photos of a man having been swallowed by an Anaconda. There are no photos in this post for the sake of sensitivity.

I’ve been working with a lot of short sale clients and I often picture our current foreclosure problem in the housing market like a pig having been swallowed by an Anaconda.  It is just going to have to work its way through the beast.

I recently came across this advice on what to do if you are attacked by an Anaconda.  This is an excerpt from the U.S. Government Peace Corps Manual for volunteers working in the Amazon jungle - what to do if an anaconda attacks you.

Related to the boa constrictor, the anaconda is the largest snake species in the world. It grows to thirty-five feet in length and weighs three to four hundred pounds.

1. If you are attacked by an anaconda, do not run. The snake is faster than you are.

2. Lie flat on the ground. Put your arms tight against your sides, your legs tight against one another.

3. Tuck your chin in.

4. The snake will begin to nudge and climb over your body.

5. Do not panic.

6. After the snake has examined you, it will begin to swallow you from the feet end - always from the feet end. Permit the snake to swallow your feet and ankles. Do not panic!

7. The snake will now begin to suck your legs into its body. You must lie perfectly still. This will take a long time.

8. When the snake has reached your knees, slowly and with as little movement as possible, reach down, take your knife and very gently slide it into the side of the snake’s mouth between the edge of its mouth and your leg, then suddenly rip upward, severing the snake’s head.

9. Be sure you have your knife.

10. Be sure your knife is sharp.

And now, about foreclosure…

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One important factor in successful short sale negotiations is having your paperwork in order.  From the very beginning I use checklists and systems to make sure we are in a strong negotiation position.

As the file is created I use a “Short Sale Info Sheet” to record necessary information and check off the documents as they are collected from the seller. 

__   Lender #1 Short Sale Package List: ______________________________

__   Lender #2 Short Sale Package List: ______________________________

__  1. Most recent mortgage statement or coupon
__  2. Copy of any letters you have received from your lender regarding delinquency
__  3. Current proof of income (two recent pay stubs from each person on the mortgage)
__  4. Two most recent tax returns (1040 Form, only first two pages)
__  5. Two most recent bank statements (all accounts: checking, savings, etc.)
__  6. Freddie Mac Borrower Financial Information form or one provided by your lender.
__  7. Handwritten Hardship Letter
__  8. Listing Agreement

__  9. Signed Sales Contract

__  10. Estimated HUD -1

Here’s the form: Short Sale Info SheetIf you are fearful of foreclosure, a short sale may be your solution.

Please contact me, Dan Forbes, or call if you have questions about our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326.  Visit my web site BradentonFloridaRealEstate.com  

Mortgage Fraud Series #1

Bradenton Buyers and Sellers must be careful about falling into a senario that perpetuates mortgage fraud.  I am writing a series of posts about various mortgage fraud scams.

Foreclosure Rescue Scam
One common type of fraud being committed today is regarding Foreclosure Rescue. Some unscrupulous individuals are taking advantage of desperate sellers facing foreclosure steal any equity in the borrower’s property.

A “white knight” will contact desperate homeowners whose mortgages are in foreclosure.  The homeowner is usually presented with an offer to refinance their home at a reduced interest rate or extended payment period.  The homeowner will sign papers they believe will lead to a refinance.  The documents are actually a conveyance of the property.  The scammer will try to market the home for sale before the foreclosure is complete or obtain a second mortgage by misrepresenting the value of the property.  In this type of fraud the individuals committing the fraud will usually obtain the signatures of the homeowner and produce the documents at closing.

If you are a homeowner facing possible foreclosure you need to know that when a Notice of Default is filed in the public records you will be contacted by many people.  Some are investors looking for a good deal. Some are foreclosure rescue businesses that prey on those in trouble.  Some want you to pay them money in order for them to help you. DON’T FALL FOR IT.

If someone approaches you and offers you a deal that seems too good to be true it probably is.  Speak with your attorney.  Call an experienced Realtor.  By all means, ask for advice.

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Please contact me, Dan Forbes, a call if you have questions about or our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326.  Visit my web site BradentonFloridaRealEstate.com and my blog The Real Estate ZOO.