What is foreclosure? When property is mortgaged, the property is transferred to a creditor to be used as secured collateral on a loan. The individual exchanging the property for the loan becomes the mortgagor, and the creditor acquiring the property title becomes the mortgagee. If the mortgagor defaults on the loan payments associated with the mortgage, the creditors can take legal action to enforce a mortgage against the property and prevent the mortgagor from keeping the property. This type of legal action is referred to as foreclosure. Where do I file a foreclosure action? Foreclosure actions are filed in the Monroe County Clerk's Office at 302 Fleming Street, Key West, Florida 33040. All mortgage foreclosure files are public records, and can be viewed at the above address. What happens in foreclosure proceedings? If the Court finds that the mortgagor is in default of the mortgage payments, final judgment will be issued in favor of the plaintiff. The final judgment sets forth the costs due to the plaintiff, such as principal charges, interest, court costs, and s fees. In addition to the assessment of costs, the final judgment will list instructions for the sale of the mortgaged property at a public auction. The instructions will include a description of the property to be sold; the time, place, and date of the sale; the amount due on the mortgage; and instructions to the s Office regarding distribution of the proceeds of the sale if someone other than the plaintiff is the successful bidder. What is done prior to the foreclosure sale? The original final judgment is filed and recorded with the s Office. Simultaneously with filing the final judgment, or shortly thereafter, the plaintiff must provide a Notice of Sale for issuance by the s Office. A copy of the notice must be advertised in a local newspaper authorized by law to accept legal notices. The advertisement must be published once a week for 2 consecutive weeks, and the second publication must be at least 5 days before the sale date. Before the foreclosure sale occurs, the plaintiff must file with the s Office an Affidavit of Publisher which proves the sale has been properly advertised. |
Foreclosure Defense |