ForeclosuresView Foreclosure Listings in Citrus County Florida
What is foreclosure?
A foreclosure is the legal process where your mortgage company obtains ownership of your home (i.e., repossess the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan.
A foreclosure can usually be avoided - even if you already received a foreclosure notice. See the chart below to compare some other options: Short Sale and Mortgage Release (Deed-in-Lieu of Foreclosure). No matter the option, you must take action as soon as you can
|Short Sale||Mortgage Release (Deed-in-Lieu)||Foreclosure|
|How is home ownership transferred?||Voluntarily - if you are able to find a buyer and sell the home||Voluntarily - you transfer title back to the owner of the mortgage||Forced - public auction|
|Does the foreclosure stop?||Maybe - foreclosure stops only if you find an acceptable buyer for your home||Yes - foreclosure stops as soon as you transfer the deed/title||No - foreclosure continues and the property will be seized|
|Eligible for future Fannie Mae financing?||Yes - in as little as 2 years||Yes - in as little as 2 years||Up to 7-year waiting period|
|Relieved of outstanding first-lien mortgage debt?||Possibly - you may still be liable for some of your first-lien mortgage debt||Possibly - you may still be liable for some of your first-lien mortgage debt||No - you are liable for all of your first-lien mortgage debt|
|Get cash for relocation expenses?||Yes - up to $3,000||Yes - up to $3,000||No|
|Have time to transition out of your house?||Yes - but timing dependent upon sales contract/buyer||Yes - you may even be able to lease your home for up to 12 months!||No - little control over transition timeline with possible eviction|
There are 3 types of Foreclosures:
Although homeowners understand that several missed mortgage payments will inevitably lead to foreclosure, it is difficult to predict what will happen once the foreclosure process begins. According to the Department of Housing and Urban Development, foreclosure procedures are different in every state, including the notice and scheduling requirements that lenders must adhere to during the process. In addition to understanding their state's laws, homeowners should know that there are three common methods used to foreclose on a property.
Mortgage defaulters living in Maine, Vermont and Connecticut should be familiar with strict foreclosures, since lenders in these states are among the few that can use this type of foreclosure process. A strict foreclosure requires lenders to get approval from the court to recover property so that they can put it up for sale. One of the requirements to obtain approval is that the property must be worth less than the mortgage balance. When the court approves a strict foreclosure, it gives the homeowner a deadline to pay back the mortgage debt. If the homeowner fails to pay by the set deadline, then the lender immediately regains ownership of the property.
In a non-judicial foreclosure, lenders enforce their right to foreclose on a property without a court's approval, as long as it is carried out under the terms of the power of sale clause featured in the deed of trust and the state's foreclosure laws. States such as California, Texas and Michigan allow lenders to use this streamlined foreclosure process. Homeowners should understand that in a non-judicial foreclosure, the lender may only be required to send them one or two notices before their home is sold in a foreclosure auction. Consequently, homeowners get only a small window of time to make arrangements and keep their home.
The judicial foreclosure process may be used by lenders in states all across the country. This type of foreclosure requires the lender to rely on the court to foreclose on the property. The lender must file a lawsuit and a lis pendens notice against the homeowner in order to obtain a judgment for the amount owed. Homeowners are given proper notice of the lawsuit and an opportunity to pay back what is owed. However, failure to pay the debt will result in an order from the court allowing the property to be sold in a public auction held by a representative of the county court or sheriff's department. (by Victoria Robles, Demand Media)
- HUD: Foreclosure Process
- Mortgage Foreclosure Report: Strict Foreclosure
- Nolo: Non-Judicial Foreclosures
- All Foreclosure-Information and Resources: Judicial and Non-Judicial Foreclosures
Already in Foreclosure?
If your home is in foreclosure, this can be an extremely difficult time and it may appear that you have few or no available options. You may also feel like you've lost control and can't determine if or when you can vacate. In this case, you may be able to voluntarily transfer your mortgage to the owner with a Mortgage Release (Deed - in - Lieu ) After being approved for your mortgage transfer with a Mortgage Release, you may even be able to stay in the home for up to 3 months rent-free or as a renter (paying market-based rent) for up to one year.
Option when you are already in foreclosure:
With Mortgage Release, you transfer the ownership of your property to the owner of your mortgage in exchange for a release from your loan and payments.
- Eliminate your mortgage debt
- May be eligible for relocation assistance up to $3,000
- Start repairing your credit sooner than if you went through a foreclosure
- May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (up to 7 years)
- Flexible exit options let you choose to vacate immediately, stay for up to three months (without paying rent), or lease the home (at market rates) for up to one year
Thinking of buying a Foreclosure?
Here are some House Hunting Basics
Looking for a home to buy is very different than looking for a home to rent. There are multiple ways to find your new home; go online, visit open houses, tour model homes... but the homebuying process can be confusing, especially if you're a first-time buyer.
It's usually recommended that homebuyers work with an experienced real estate professional. Not only will they assist you in your search, but they'll be able to provide advice and support throughout the process - contract negotiations, financing, home inspections, closing, etc. If you choose to not work with an agent, make sure you have an attorney review any contractual or legal documents.
- When you're purchasing a home, you'll work with a buyer's agent, who will represent you in the transaction. Likewise, the listing agent represents the seller, the owner of the home you are purchasing.
- Working with a buyer's agent is typically free of charge; the seller will pay both agents (buyer and seller) a commission when the sale closes.
Did you know that Fannie Mae has properties for sale? And Fannie Mae repairs many of its HomePath properties making them great opportunities for buyers, especially first-time homebuyers. This helps to stabilize home values and neighborhoods. There's also a special offer with the First Look™ program which allows homebuyers, who will occupy the property as their primary residence, to bid and purchase foreclosed properties 15 days before they are made available to investors. Visit www.HomePath.com to learn more and search thousands of property listings.
So you think you've found your new home; the next step is to make an offer! You'll work with your real estate agent to submit an offer, and they'll work with you to determine the best price for the home.
If you and the seller agree to the terms of the contract, then the offer is officially accepted and you're on the way to purchasing your new home! But before you get to closing, you've got a few more things to do.
HomePath financing, available only on Fannie Mae-owned properties, offers great benefits - a 5% down payment (as of November 16, 2013), no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties for both owner occupants and investors - a limited number of HomePath lenders also now offer HomePath Mortgage for the LLC borrower. The HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan. You also can use the financing of your choice from any lender, such as your local bank, credit union or other financial institution. (Information obtained in article is from www.FannieMae.com)
Where do I file a foreclosure action?
For claims under $15,000 or $15,000 and above, you may file the foreclosure action at the Clerk of Courts office located in the Courthouse, at 110 N Apopka Avenue, Inverness FL 34450 or at the Crystal River Satellite Office located at 801 SE Highway 19, Crystal River FL 34429 All mortgage foreclosure files are public record and can be viewed at the Courthouse.
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 creditor. The final judgment sets forth the costs due to the plaintiff, such as principal charges, interest, costs of the suit, and attorney 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 Clerk's Office regarding distribution of the proceeds of the sale if someone other than the creditor is the successful bidder.
What is done prior to the foreclosure sale?
The original final judgment is filed and recorded with the Clerk's Office. Simultaneously with filing the final judgment, or shortly thereafter, the plaintiff must provide a Notice of Sale for issuance by the Clerk'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 Clerk's Office an Affidavit of Publisher which proves the sale has been properly advertised.
How do I find out about mortgage foreclosure sales?
The Notice of Sale is displayed on a bulletin board in the Citrus County Courthouse and at the Satellite Office or you can purchase a Mortgage Foreclosure list in person or in writing. The cost is $1.00 per page. Once you have found a property that you are interested in, it is very important that a title search is obtained on the property. All properties sold at a mortgage foreclosure sale qualify under "buyer beware".
May a person who is not involved in the foreclosure lawsuit bid on the property?
Yes, and this person is often referred to as a "third party bidder."
When and where are mortgage foreclosure sales held, and how are they conducted?
Mortgage foreclosure sales are conducted by the Clerk's office according to Section 45.031, Florida Statutes, and are held at 11:00 a.m. on Thursdays. The sales are normally held in the Citrus County Courthouse, Jury Assembly Room.
Prior to the bidding, the deputy clerk conducting the sale will read an announcement informing potential buyers of their rights and responsibilities under Florida law. A description of the property is not read. Potential buyers take the property as is, subject to any defects, liens, encumbrances, and all matters of which the buyer had notice or could have obtained knowledge.
If the plaintiff is the successful bidder, no funds are deposited with the Clerk, unless the bid is above the amount of indebtedness. However, if a party other than the plaintiff is the successful bidder, an immediate deposit of 5% of the bid along with the Court Registry Fee is required. The balance of the bid, and court registry fees (3% on the first $500.00 and 1.5% on the balance), must be received by 4:00 p.m. on the date of the sale. Payment must be in the form of cash, certified check, cashiers check or credit cards. Visa, Mastercard, Discover and American Express are accepted. A credit card service fee of $2.50 by MyFloridaCounty.com will be applied. No personal checks or promissory notes are accepted. If the balance in full is not paid by 4:00 p.m. on the date of the sale, the property will be resold.
If the balance is not paid by the deadline, the sale will be declared void, and a resale will be scheduled. The bidders deposit is nonrefundable and will be used to pay for the costs of the resale. Any amount remaining will be applied towards the final judgment.
A $70.00 sale fee is required by Florida Statutes before the sale can be conducted.
How do I cancel a sale or what if the party has filed a suggestion of bankruptcy?
A written notice of cancellation from the plaintiff must be filed with the clerk prior to the sale. If there is a suggestion of bankruptcy, a written notice must be filed with the clerk for the sale to be cancelled. This cannot be verbal.
Can anyone make an objection to the sale?
An Objection to the Sale may be filed within 10 days after the filing of the Certificate of Sale. This will stop issuance of the title until the Court has a hearing and makes a decision on the objection.
When is the Certificate of Title issued?
If no objections are filed within 10 days of the sale, the Clerk's Office will issue the Certificate of Title. However, if the 10th day falls on a Saturday or Sunday, the title will be issued on Tuesday; if Monday is a holiday, the title will be issued on Wednesday. The Certificate of Title will remain unrecorded until the documentary stamps ($.70 per $100.00) are paid.
Do I get a clear Title?
The Clerk's Office does not guarantee a clear title and is not responsible for any encumbrances on the property after the property is purchased at the auction. It is in your best interest to research the property for sale or hire someone to do the research for you.
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