Foreclosures

Judicial Foreclosure Available:
Yes
Non-Judicial Foreclosure Available:
Yes
Right of Redemption:
No
Deficiency Judgments allowed:
Yes

Judicial Foreclosure
The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold by the sheriff of the county or a referee.

Typically the foreclosure sale is advertised for 4 to 6 weeks. The sale is made by public auction to the highest bidder. Anyone may bid, including the lender.
After the property has been sold, the officer conducting the sale must execute a deed to the purchaser. The officer must also pay, out of the proceeds, the amount of the debt, including interest and costs, to the lender and then obtain a receipt for the payment from the lender.
Within thirty days after the completing the sale and executing the deed to the purchaser, the officer must file a report of sale, which must include the receipt from the lender, with the clerk of the court. Unless otherwise ordered by the court, the sale can't be confirmed until three months past the filing of the report of sale.

Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Although this type of foreclosure is permitted in New York, it is rarely used by lenders.
State Law information provided by Foreclosurelaw.org

What can you do?
Our firm can help get a mortgage workout approved, we have the experience to assist and reach that goal. We will use one of the above referenced strategies or perhaps a combination of workout plans to develop your personalized strategy to stop or prevent the foreclosure.

Contact us today for a free consultation:
New York (315)701-2727
Florida (239)431-6620

Judicial Foreclosure Available:
Yes
Non-Judicial Foreclosure Available:
No
Right of Redemption:
Yes
Deficiency Judgments allowed:
Yes

In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, be tried to the court without a jury.

The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice. Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that the court reviews the sale to ensure a fair price has been paid. Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered.(Reference F.S. Chapter 702)
The lender may sue to obtain a deficiency judgment in Florida.
Our firm will use a variety of strategies or perhaps a combination to develop your personalized strategy to help prevent or stop the foreclosure.

PLEASE BE ADVISED THAT THE FIRM SPECIALIZES IN SAVING PEOPLE'S HOMES FROM FORECLOSURE, CONTACT US BEFORE YOU LOSE YOUR HOME
Contact us today for a free consultation:
New York (315)701-2727
Florida (239)775-5773

Our office has an extensive background in real estate and foreclosures. We have represented a wide variety of parties regarding this matter. We can help to prevent or find an alternative to a foreclosure for you and your family. Remember you are not alone! On an average, 1 in 400 homes in America are in foreclosure. We live in a different economy since September 11, 2001.

PLEASE BE ADVISED THAT THE FIRM SPECIALIZES IN SAVING PEOPLE'S HOMES FROM FORECLOSURE, CONTACT US BEFORE YOU LOSE YOUR HOME

You've probably tried to talk to your lender but their phone operators have one answer, "Payment in full.". Or maybe you call them and they don't call you back. There are options. We can help try and save your home and stop the foreclosure process!
Contact us about the variety of options available such as:
Reinstatement Plan, Loan Refinance, Loan Forbearance, Partial Claim, Short Sale and Deed-in-Lieu of Foreclosure

We work with a team of professionals both in New York and Florida to make the process as painless and expeditious as possible.

Below are releveant laws with respect to foreclosures in New York and Florida.