|
Buying foreclosed property makes good sense |
|
|
|
|
Written by Webmaster
|
|
Saturday, 06 March 2010 |
The lender of your mortgage initially files a notice with the courts. If you are under the impression your lender may have done so, you will know for sure when you receive a notification in the mail online article or delivered by a local sheriff's deputy. Do not ignore this important warning as if it were junk mail or simply a notice against your home that you can not respond to. You have to respond to it within the period of time indicated on the notice.
If you fail to reply to your foreclosure notice in the given time allotment, the court will rule against you and award the lender a default judgment. This means the court can assign a sale of your home to buy foreclosures satisfy the judgment, which includes the total amount still owed to the mortgage holder in principal, interest, fees, and court costs. Under Florida foreclosure law, you can still save your home at this stage all the way up to the scheduled date for the sale of the home by acquiring enough funds to repay the lender everything you owe.
Blogs |
|
Last Updated ( Saturday, 06 March 2010 )
|
