How To Foreclose Mortgage Note On A Non-performing 1stmortgage
I have a mortgage note on a property that is a first mortgage. The owners filed bankruptcy but that has been discharged. What would be the process for foreclosing on the mortgage?
anyone?
Hire an attorney. My attorney charges me approximatly $1000 for his time plus title work, court costs, etc.
Florida is a judicial foreclosure state. That means you are going to have to file a suit in the Chancery division of the local county court. The judge will determine whether the borrower is actually in default and, if so, order the sheriff to conduct a sale. The borrower, in Florida, has a right of redemption (i.e. he can pay you off) up until the time of the sale. There is no right of redemption after the sale, although there is a confirmation hearing after the sale at which the borrower can object that the sale was not conducted properly.
The house is in Kansas actually.
Thanks I will try to locate an attorney there