When does foreclosure begin?

Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction.

A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale.

There is a chance that this can all be avoided with a short sale. I’m sure in this economic climate you have heard of a short sale as they are such abundance in Jacksonville FL.  A short sale is best described as a seller’s bank willing to accept less for the property than what is owed. This is certainly best handled with the help of a professional real estate agent.  


Short sales typically have negative impacts on your credit on tax status. Each situation is different so the advice of an attorney and tax professional is strongly advised.  If a short sale is something you are considering for your property please contact me.