Many Americans caught in the mortgage crisis are facing foreclosure. This is the case in spite of recent trends towards temporary moratoriums on foreclosures in some parts of the country. If you’re underwater on a mortgage, understanding the options available is key. Particularly for the case of one’s primary residence, these include: selling the house, a reverse mortgage, renegotiating the terms of the mortgage with the lender, a short sale, surrendering the deed to the lender, and the traditional foreclosure. For those who determine that the best course of action is to foreclose, understanding the basic legal process is critical. Though tailored for foreclosure proceedings in Florida, a concise guide for foreclosing maps out the main elements. These include:
- The original promissory note
- The signed mortgage as collateral
- The foreclosure as your lender taking the collateral and setting up a public auction of the home
- The typical bidding process for the sale of the home
- The steps of the foreclosure in Court, from the Notice of Delinquency to a potential Deficiency Judgment
Tags: foreclosing, foreclosure, mortgage, mortgage crisis, underwater
