If you are an investor, lender, and/or servicer of a mortgage it is important to know the legal process of resolving defaulted borrowers with real estate litigation. We are here to help you at the Kass Shuler Law Firm.
Real Estate Litigation Process for Judicial Foreclosure
One of the most common scenarios of financed real estate is using the property as collateral to protect your interest in the event a borrower misses payments. The remedy to recoup and sell the property is to initiate a judicial foreclosure action.
However, State laws vary depending on where the property is located, and/or the contract entered. A big variation between State laws is the foreclosure process for defaulted borrowers. Each State has different and distinctive procedures that must be met before successfully foreclosing on a property.
In Florida, foreclosures must be litigated through the court system, commonly known as judicial foreclosures. These foreclosures are more complex and provide distinctive protections for borrowers. Therefore, if you are an investor, lender, and/or servicer of real estate consult and hire Florida attorneys to protect your interests to expedite the process.
Requirements for Judicial Foreclosure
In Florida, real estate litigation must be filed to foreclose on the property at issue. This entails pretrial court hearings to determine if the lender met proper procedures and regulations prior to initiating a lawsuit. Additionally, pretrial hearings allow both the lender and borrower to exchange and examine discoverable evidence in their respective possession.
There are different strategies and decisions to obtain a final judgment of foreclosure in Florida. These can be obtained through a summary judgment motion, nonjury trial or negotiated settlement. However, each county in Florida provides different obstacles in obtaining a final judgment. Thus, it is recommended to hire a firm, like the Kass Shuler Law Firm, that has a dedicated team of Florida licensed attorneys that concentrate their practice on real estate litigation.
Importance of Experienced Real Estate Litigation
A final judgment on judicial foreclosure must be signed by a Florida Circuit Court Judge; however, expeditiously obtaining judgment varies depending on which county the Florida property is located. If a final judgment is entered in favor of the lender, the next step in the real estate litigation is proceeding to a foreclosure sale.