Just Served Foreclosure Papers,  What to do?

After about 4 months of not paying your mortgage, most banks have an automatic button that gets pushed to start the foreclosure process.  You will know when this happens as they will "serve" you papers.

Being served foreclosure papers is not fun.  The first thought is that you must move by morning....which isn't true.

You will have to move, but not for some time.  The average time in Florida is 12-18 months for a bank to file suit and finally auction off the house.  You have time on your side.

Important items to know about Foreclosure in Jacksonville:  

1. When served papers, Lis Pendens, you have 20 days to respond to the suit.  Talk with an attorney immediately.  Just about every attorney on the planet will tell you that you need to respond to the suit.  If you don't, it gives the go ahead for the bank to move forward.
2. What's your plan?  Obviously you are planning on leaving the house at some point.  Know your options!  At all cost, avoid a foreclosure.  There are too many good options available to get rid of the house vs just walk away from the home and letting the bank take it back.  Avoid Foreclosure Options
3. Don't wait too long to take action!  If you decide to do a Short Sale (which you should), don't wait until the last minute.  It's a buyers market so homes are selling much slower.  We need time to get the home on the market and get it sold.
4. Work with Professionals.  Most REALTORS are staying away from Short Sales as they are much more difficult and have many potential pitfalls along the way.  Make sure to work with a Specialists team like the Brad Officer real estate team.  Working with the Brad Officer real estate team, you will work with a prominent Short Sale attorney who will represent you in negotiations with the bank and the transaction.