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Christopher B, Esq.
Christopher B, Esq., Lawyer
Category: Real Estate Law
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Experience:  associate attorney
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Qi owner financed my home in Florida and she has missed

Customer Question

Qi owner financed my home in Florida and she has missed several payments. How do I start foreclosure? Do I have to sell at auction after?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Christopher B, Esq. replied 10 months ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

In Florida, foreclosures are judicial, which means the lender must file a lawsuit in state court. The lender initiates the foreclosure by filing a complaint with the court and having it served to the borrower, along with a summons. If you win the case, the court will enter a judgment of foreclosure and the property will be sold to satisfy the debt. When the homeowner took out the loan, he signed both a mortgage and a promissory note. The promissory note is what establishes the homeowner's liability to pay you the mortgage loan. The mortgage creates a lien on the property. You as the holder of the note are the only party that has the right to foreclose on the property. The plaintiff (the owner of the loan) must prove its right to foreclose by filing additional items along with the foreclosure complaint, including:

(1) a certification that the plaintiff is in possession of the original promissory note, or

(2) if the note has been lost, a lost note affidavit with a clear chain of all endorsements, transfers, or assignments of the promissory note.

This helps to ensure that an improper party is not pursuing the foreclosure.

The property must be sold to satisfy the loan as the excess or equity must go to the homeowner.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.

Expert:  Christopher B, Esq. replied 10 months ago.

repeat

Expert:  Christopher B, Esq. replied 10 months ago.

Just checking back in, do you have any further questions?

Expert:  Christopher B, Esq. replied 10 months ago.

I see you have reviewed my answer, do you have any further questions? If not, please positively rate my answer if satisfied (there should be smiley faces or numbers from 1-5 next to my answer, a good or excellent rating would be fantastic) as that is the only way I will be compensated by the site for my work. This will not cost you anything extra and this extra step would be appreciated.

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