There are various types of liens and not all liens are foreclosable liens in all states. The following are liens that may be foreclosable in Florida.
1. MORTGAGE - Mortgage foreclosures occur because the homeowners have failed to make the payments on their mortgage. Any mortgage holder in any position of priority, i.e. first, second or third, etc. can foreclose.
2. MECHANIC'S LIEN - A lien placed against the property because the homeowners failed to pay a contractor or supplier for work, services or supplies. This lien is foreclosable when the homeowners used their property as collateral for payment of the work, services … (1 comments)
The foreclosure process will vary in each State depending on whether you are in a Mortgage State or Deed of Trust State. Most mortgage states use the judicial process, while most deed of trust states use the power of sale process. For this purpose we are focusing on Florida, which is a judicial state.
Judicial Foreclosure
The first step of the foreclosure process begins with the non-payment of the mortgage/lien by the property owner. Banks/lien holders vary on the amount of time they will allow to pass before they begin the foreclosure process. As a general rule this period is usually 90 days … (2 comments)
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