If you are a homeowner facing foreclosure learn what your rights are. I wrote about the foreclosure process previously but have to follow up with this post geared to the homeowner in this predicament.
The Miami-Dade Clerk of Courts has a brochure titled Homeowner Rights in Foreclosure Proceedings. You can see and print the brochure by clicking here. It has useful information for the homeowner facing foreclosure.
There are things that can be done to save your home. Contacting an attorney to work on your behalf is crucial. It is not required, but who can better represent you than someone who knows the intricate laws involved in a foreclosure proceeding?
The brochure also explains what you can do if you're not able to stop the sale and there are surplus funds which can be claimed. Surplus funds are any monies brought in by the final bid that are over and above what the final judgment amount is. In this case, the homeowner may be entitled to receive surplus funds after the sale.
This is a difficult situation to find oneself in. Again, I advocate using a knowledgeable attorney to represent you if you find yourself facing a foreclosure. Time is of the essence too, as you have only 20 days to answer the original summons after it is issued.
Maggie Dokic, SFR is a licensed real estate broker in the state of Florida selling residential real estate in Miami, Palmetto Bay, Pinecrest, Coral Gables, Gables by the Sea, High Pines, the Redland and other select areas of SW Miami-Dade County.
Maggie has earned her SFR certification to be able to better serve the needs of her customers in today's non-traditional real estate market. SFR is a Short Sale, Foreclosure Resource Specialist. Designees have been trained to understand the highly specialized options available to Sellers facing short sales & foreclosures and Buyers looking to buy them.
For more information on our local real estate market, or to see or sell a home in Miami, Palmetto Bay, Pinecrest, Coral Gables or the Redland, visit my Miami Real Estate blog or contact me at Maggie (at) TheBlogThatAteMiami (dot) com.
The opinions expressed herein, are those of the author, and not necessarily of Prudential Florida Realty.
oh you are funny. A blast from the past. Look at this post! No pictures even. But the content is there and the desire to help people out. =)
Folks facing foreclosure in Miami-Dade county are many right now. It's an epidemic.
Chris, you're a doll. Thank you!
I saw your blog posting about foreclosed properties. We offer a great tool to help you in competitive REO listings. www.foreclosurefeedback.com . The Asset manager's can login and see all of the feedback on their REO properties, see what you are doing to market them and print reports to document the need for price reductions. Call in to sign up instead of online and tell them Rick said to give you the first 90 days for free to try it out at 858-270-1055 ext 113. If your competition doesn't offer this, you will definitely have a leg up on them.
Rick
Hi Maggie,
I am very active in the surplus fund business. It is also known as excess proceeds, overages, and remainders. I encourage any homeowner who has been through a tax sale or foreclosure to check to see if there are any surplus funds.