NLIC.org

Milton Said:

What are the effects of foreclosure in USA...?

We Answered:

You need to check with a Florida real estate attorney. Some states like California have a anti deficiency law for home loans which means that they can not come after you if the house does not sell for enough to cover the loans. Others don't. A foreclose will lower your credit score. That may or may not be a problem. Depends on if you will apply for credit in the future.

Vanessa Said:

How many years can a mortgage company come after you after a foreclosure?

We Answered:

Each lender decides and have their own procedure as to when to initiate a foreclosure procedure. Some might initiate foreclosure procedures immediately after the first missed payment where others might not take the action to start a foreclosure even if you have not paid for 6-7 months.

Florida is a judicial foreclosure state therefore the courts will control the exact times of certain procedures to take place.

Judicial foreclosure in Florida is completely controlled by the court. The lender sues and obtains an order to foreclose. The court then defines the procedure to be followed. The court may or may not order that the notice of sale be published in a newspaper. If so ordered, it is the lenders responsibility to place the notice for publication on the terms ordered by the court.

The sale technically ends any equitable right of redemption; however the court may extend the time for redemption, but rarely does so. In fact, there is a period following the sale during which the court reviews the sale to ensure a fair price has been paid. This usually takes about 10 days, and right of redemption remains in effect until court confirmation of the sale.

Should the court, for any reason, not confirm the sale, another sale is ordered.

The lender is authorized and may sue you for a deficiency judgment, depending on the lender involved, some will and some will not.

You will be sent notices as to when your foreclosure began as well as when the foreclosure sale is to take place, followed by an agent of the bank of the new buyer making contact with you and them to agree on a date for you to move.



I hope this has been of some benefit to you, good luck.

“FIGHT ON”

Gilbert Said:

To intellectually honest Republicans from a respectful Democrat?

We Answered:

I say it is time for all those large companies who have taken advantage of us for years to finally reep their rewards. No bail outs You are out of luck, close your doors.It is not our governments job to help them stay afloat.They want money to retool Why ? Every auto on the road today looks like any other, you can't tell them apart anyway Either use what you have or get out of the business. One year without new autos won't effect us that much we have to many in surplus now. As far as home lenders Who cares! I think they should be required to refinance everyone at about .0%. Without foreclosures they will come out ahead in the end because they won't suffer the massive losses.But this will never happen. Why? because there are to many rich people waiting for you to lose your home and they can scoop it up for pennies on the dollar making them richer and you with destroyed credit and a government who could care less about you anyway. I for one am not impressed with our choice Of presidential candidates but I guess all the good people are afraid to run,and be slammed in the media.