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In Florida, the definition of foreclosure is the legal process by which a lender uses the courts in obtaining forced sale of real property which was.

pledged as security for a mortgage or debt because the borrower defaulted. This default is due to the failure in meeting the repayment terms that are contained in the loan agreement and promissory note.

When borrowers miss 3-5 payments in a row, that’s when the lender typically files for foreclosure actions. The main purposes why lenders file foreclosure are;

➢ To force the owner of the home to resume making payments for their mortgages

➢ To obtain judicial possession or sale of the property so as to sell the real estate and the proceeds be used in reducing the loan balance.

The banks are generally not in the selling and buying business of residential real estate and hence, the bank does not want your house. What the bank needs is somebody’s or your money to use it in reducing the outstanding loan balance that is non-performing and maybe upside down.

One important thing that a homeowner needs to understand is that a foreclosure action is a civil lawsuit. This means that in a civil court the party which brings the lawsuit becomes the plaintiff and the person being sued becomes the defendant. In the case of a foreclosure, the plaintiff is the banker or the lender and the primary defendant is the homeowner. The plaintiff has the burden of proof which means that when defending a foreclosure case, the lender must prove every element of the case by a preponderance of the evidence. When proving each element of the case, the bank comes with the admissible evidence which proves that the homeowner executed the original mortgage and note and also proves that every time the mortgage ownership was transferred, there was legal compliance, and also the note was properly recorded and assigned. The lender will also have to prove that the disclosures were made to the borrower/homeowner before the closure of the real estate where the documents of the loan were signed.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site www.BankruptcyforTampa.com or call 727-254-1704.

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