by Brad Officer
on Thursday, July 8th, 2010 at 11:38am.
Just Served Foreclosure Papers, what happens now?
The bank has given you legal notice that they intend to take the house back through Foreclosure. The fastest I've seen a foreclosure happen in Jacksonville is 6 months after being served with Foreclosure papers....so you have some time. If you do nothing, you will get a series of legal notices, and finally the property will be auctioned off at the court house. You will either choose to move or be removed from the house within a few days from the court auction date.
What to do when Served with Foreclosure?
You have 5 choices:
Pay your balance owed to the bank. Not feasible for many, but it is your #1 best option.
Defend against the Foreclosure by hiring a Foreclosure attorney in Jacksonville. An attorney may be able to extend the foreclosure time out by months or longer. If the foreclosure filing is legitimate and you haven't been making payments, eventually the bank will foreclose and you will be out.
Short Sale: Once you have received Foreclosure papers, you need to seriously look into this option. A short sale is much more gentle on your credit score for the future. To go this route, you need a Jacksonville REALTOR who has specialized knowledge and a track record of completing short sales: Meet Brad.
Deed in Lieu of Foreclosure: Occasionally a bank will allow you to willingly deed the property back to them. They almost always want you to try and short sale first.
Do Nothing: Unfortunately many home owners go this route. They never look for help and the house gets foreclosed.
How soon do you have to move when Served Foreclosure Papers?
You probably have many months. You will receive notice just before the auction date to either move or be removed from the house. Your
KEY POINT: If you have been served with Foreclosure Papers in Jacksonville or Ponte Vedra, do not wait to take action. You should avoid Foreclosure if at all possible, but if you can't catch up on payments go with a Short Sale!
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