Know More About Legal Process Of A Florida Mortgage

If you were looking for a rendezvous with the legal process of a Florida Mortgage

then probably you are reading the right article which will shed some light. Mortgages are nothing but a security deposit which an individual or a borrower has to produce while he secures any loan from the lender. The security can be any of his belongings such as house, land etc. If a person fails to pay the loan then the mortgage assures the lender that the amount will be repaid. There are different types of mortgages and a suitable research has to be done before dealing with one.

It is a financial commitment, based on some legal bindings so as to make sure that you are responsible enough and ready to repay the amount at the proper time. Usually different fees, rates and points are offered by the lenders on the same type of mortgages available.

Foreclosure, which is a legal process, is carried out through the court proceedings. If the concerned individual, that is the borrower, has failed to make the deposits in due time then the lender can put a case against the borrower. The processes differ accordingly in various states and the legal process involved in Florida mortgages is no different.

There are various things that will help you to understand the foreclosure process of Florida. Every mortgage has got an underlying obligation and is very important during foreclosing the mortgage. Underlying obligations mean the rules or legal responsibilities which apply to you once you commit a deal. Basically, it is a promissory note that is some kind of agreements like loan agreement, property settlement agreement and many others as such.

The lender can put a notice of default and Lis pendes against the lender. Lis pendes is some kind of paper work and is produced in the court. In the court, if the judges verify that the complaint is legal then they inquire from the borrower about the property, if it can be sold or not in order to pay off the debt. If the borrower fails to give an answer then an auction date is decided by the court.

The owner can repossess the property if he happens to pay the debt before the sale. But, if the borrower shows no such sign then a notice is given publicly in the local newspapers. In Florida, consecutively, for a period of three weeks the notice has to be published. And, finally when the sale certificate for the property is issued to the highest bidder within 10 days of duration the property is owned by the new bidder.

Thus, these are some of the processes involved which you need to know if you are a resident of Florida. It is always best if you know the proceedings as it helps to know the obligation under which a person is.

by: Mike Jones...

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