861 Days to Foreclosure

By: Ceara L. Riggs, Bankruptcy Attorney in St. Petersburg, Florida at The Reissman Law Group, P.A.
The question I am probably asked the most is, “How long will I get to stay in my house?” It depends. Looking for a more definite answer? Chances are, any lawyer that wants to keep their Bar Card and Number will give you the same answer.
And as frustrating as that answer probably is, it’s the reality of the situation. So you want numbers, here’s the numbers:

• Day 1 – a foreclosure complaint is filed by the bank (which probably means you’ve missed at least 2-3 payments already, if not more). Enjoy how definite that number is because after day 1, everything “depends.”
• Some point after that – you’re going to be served with notice that the bank has filed a foreclosure suit against you. So, as you can see, the contingencies start early.
• 20 days after you’re served – you better have filed an answer to the bank’s complaint, otherwise the process moves ALOT faster and you’re likely to have significantly less time in your house.
• Sometime after you are served – there could be a Motion for Summary Judgment, there could be Interrogatories, Admissions, and/or Depositions, there could a case management conference, there could be a trial and there is no rhyme, reason or rule as to if any of these things occur or when they will occur if they do happen
• 860 days after day 1 – Approximately. If you have not reached a modification or agreement with your bank, your house will be sold at a foreclosure sale. But, of course, this is an average too.

Sparknotes version: it takes, on average, 861 days (or, more than 2 years), to foreclose on a property in Florida.  Think about that. That means, every day, somewhere in Florida, a homeowner has stopped making payments on his or her house and then, at some point after that person stopped making payments, essentially nothing happened for about 861 days. Want to stay in your house? Want to find a new place? Want to rent out the place and have a new source of income? Maybe you just want to give raccoons and other critters a safe haven from the snowbirds on our roads?

Give us a call. Let us discuss your situation and where you fall on the “it depends” timeline. For a free evaluation of your situation and to see how we can help you stay in your house, contact The Reissman Law Group, P.A. today.