Best Discrimination Attorneys in Largo, FL

Are you unsure of what to expect from a bank foreclosure? Here is a general overview of the typical process of a bank foreclosure: 1. Default: It all starts when a homeowner can't make their mortgage payments. 2. Notice of Default (NOD): The lender sends an official Notice of Default to the homeowner, notifying them of the default and the potential start of foreclosure proceedings. Homeowners usually have a grace period to catch up on payments. 3. Foreclosure Summons: If a deal isn’t made with the lender, the homeowner is served with a Summons and Petition/Complaint. This might force a public sale of the property, and apply the sale proceeds to the loan. There's a limited time to respond in writing to the Court if there are any objections or to seek a formal mediation of the issues. 4. Notice of Sale: If the default isn't resolved, the lender issues a Notice of Sale, setting a date for the property's foreclosure auction. The property will then be bought by the highest bidder. 5. Eviction: If a new owner buys the property at auction, they may need to initiate eviction proceedings if the former homeowner doesn't vacate. Sometimes if the property's sale doesn't cover the full debt, the lender may seek a deficiency judgement. Sometimes homeowners can buy back the property by paying the outstanding debt. If you're currently facing a foreclosure, attorney Mark Schleben can help you fight off the bank so that you can keep your home. If you're interested, visit our website.