Internet users can access foreclosure listings in Miami free of cost from the comfort of home. Increase in foreclosure, growing inclination of buyers towards foreclosed properties and active judicial intervention are some of the reasons behind increased popularity of foreclosure sales in Miami. Keeping pace with this scores of real estate websites have cropped up and they are offering relevant information related to these properties. These websites update their listings in frequent intervals and enlist both government and bank owned properties. This article will discuss basics of foreclosure sale in detail and will help you to find the right property according to your budget and need.
Short sale foreclosure in Miami is done with judicial supervision only. Miami is situated in the state of Florida and foreclosure is carried out according to Florida foreclosure laws. In case of gross home equity loan default, the lender files Lis Pendens or a legal suit against the homeowner. The aim of this law suite is to notify the borrower regarding outstanding and warning him/her about foreclosure if the payment is not made between specified periods. Non-response or failure on homeowner’s side leads to approval of foreclosure notice by Florida county court. Foreclosure sale notice comprise all details of sale. Here, you will find the contact number of authorized person in charge of sale, address and pending dues on the property, legal suites pending on it and the place of auction.
Short sale foreclosure notice also comprises facts regarding exact condition of the property and improvements required in the foreclosure sale notice. It helps you in determining the existing equity present in the property and the required renovations to add value into it. These notices appear at daily newspapers for three consecutive weeks. Last notice must appear at least five days before the auction date. There is a thirty days gap between approval of foreclosure notice and sale through auction. In this time frame the homeowner can make the payment of default amount and stop the process of auction.
In Florida, law of redemption related to properties appearing at foreclosure listings is restricted till the auction date only. Once the property is sold through auction, the homeowner can never reclaim it. Auction of foreclosed properties is open to all who make the required deposit to bid.