Abby Oglesbee
Coldwell Banker Schmitt.
29967 Overseas Highway Big Pine Key, Fl, 33043
305-849-2722
Cell 305-872-5251
Office 800-488-3050 Toll Free
Email
yourkeystoparadise.com

Whats New Information

 

The City of Marathon has established a “Homebuyer Assistance Program” to assist local families in the purchase of a home. All the details are attached. The program deadline for the application is April 28th, 2010 – so Please review today.

Additional applications can be picked up at:
Marathon city Hall – 9805 Overseas Highway
Marathon Public Library – 3251 Overseas Highway
Marathon Chamber of Commerce – 12222 Overseas Highway
Middle Keys Community Land Trust – Gulfside Village #4
Marathon and Lower Keys Assn. of Realtors – Gulfside Village #15

Any and all questions on this program should be directed to Rick Casey, Middle Keys Community Land Trust at 305-743-5624.

Thank you,

Abby

Florida Foreclosure Laws

 Florida carries out foreclosures through court proceedings. The foreclosure process in Florida takes about five months.

 

Pre-foreclosure Period

A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens) against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date.

The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender.

Notice of Sale / Auction

The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual court. The clerk of court issues a notice of sale containing the location, date, and time of the sale.  The notice is published once a week for two weeks, with the second notice appearing at least five days before the sale.The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m. on the sale date. The winning bidder must provide a 5-percent deposit and pay the remaining balance by the end of the day or a new sale is scheduled a minimum of 20 days later. After a successful sale, the clerk gives a certificate of sale to the winning bidderWithin 10 days of the sale, the clerk transfers ownership to the winning bidder if no one disputes the sale.  In most instances, a borrower has no right of redemption after the certificate of sale is issued.DISCLAIMERAs the information in these reports is subject to change, it is provided as a general guide and not to be relied upon in your decision to purchase or sell real estate in the Florida Keys.