How Homes Reach Miami Foreclosure Listings

By: Joseph Smith


Although most of us have a basic understanding of what foreclosure is, we may not know the process differs in every state. Find out the process which lands defaulted property in Miami foreclosure listings.

As with all foreclosures, before a house can ever end up on Miami foreclosure listings, the owners must miss payments. The number of payments missed differs from lender to lender and circumstance to circumstance. Once the lender is fed up, they file a motion with the courts and the owner of the property is notified of the pending lawsuit. If he or she does not respond to the courts by the deadline, the court considers them in default of the loan and sets a date for the property to be sold. That’s part of how the property will land in the Miami foreclosure listings.

First, the home is put up for auction about one month after the court date. Winning bidders pay a 5% deposit to hold the property but the balance must be paid by the end of the day. Within ten days of the completion of the payment, the deed is transferred into the name of the new buyer. However, if the auction fails to find a winning bidder (as many do these days) then the property reverts back to the lender and it ends up in the Miami foreclosure listings.

The entire process takes about five months. Up until the sale date, the original borrower can pay off the amount and stop the foreclosure.

Article Directory: http://www.articletrunk.com

| More

Joseph Smith has been educating buyers on the finer points of Miami Foreclosure Listings purchase at ForeclosureListingsNationWide.com for over nine years. Click here to visit and read more advice on finding Free Foreclosure Listings.

Please Rate this Article

 

Not yet Rated

Click the XML Icon Above to Receive Real Estate Articles Articles Via RSS!


Powered by Article Dashboard