Can someone explain the mortgage foreclosure...

[vals.beach]

...process? Florida. Also, can a mortgagee put a lien on other assets if not used as security in that mortgage?

[LadyB!?]

This is not specific to Florida but, the general foreclosure proceeding is:

1. Foreclosure suit filed in court and with the county recorder's office

2. Mandatory filings, notices and a statutory period of 'right to redemption' [depending on state law and the type of deed 30 days to 7 months]

3. If all $ in the arrears plus legal cost aren't paid the judge will issue and order and of foreclosure , this also transfers title of the property to the lender.

4. Foreclosure sale, which will probably leave a deficiency balance which is a judgment against you. And this amount can be collected by the lender from other assets just like any other judgment.


Advice: Sell the property before the foreclosure sale or give the lender a deed in lieu [return the property to them] if you are concerned about other assets being at risk. Although some types of assets are judgment proof [pensions, primary residences, % of wages, etc.], you should consult an attorney about the specifics

hope that helps.

[Lavern B]

Check out this site, I'm sure they have the answer you're looking for.

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