What is foreclosure?
Foreclosure is a formal legal action in the state of Florida that we traditionally see filed by your banking institutions that hold a mortgage on a property. That occurs when a client of ours has fallen behind on their mortgage, and either needs help getting caught up and we can deal with that throughout the foreclosure litigation process, or it doesn’t necessarily have to be a bank.
In the state of Florida, there are other types of lien holders that can file foreclosure lawsuits. The second most common is going to be your homeowner’s association or your condo association. I caution my clients that you cannot sleep on homeowner’s associations or condo associations. If you begin to fall behind on payments to them or your mortgage bank, make sure to call our office.