Many home owners have an outstanding loan, which they struggle to repay. Though the banks and other institutions lend out at different rates, they all have a term. If the borrower fails to repay on time, it can lead to a foreclosure.
Here is how the foreclosure happens
When a loan is availed, the repayments have to be made on time. But sometimes due to other circumstances, one may miss out on these payments.
When payments are missed for more than three or six months, the lender has to post a notice on the property. This will be a way of letting the property owner/ borrower know that a foreclosure is possible and they could be evicted. This notice is known as a notice of default.
Once the notice is given, the borrower enters the pre-foreclosure period which is also known as a grace period. The borrower can pay up during this period and avoid foreclosure.
The property is then let out on auction and the highest bidder gets to buy the house.
If no one buys the house, the lender or the banker takes ownership of the property
If you are in Miami and are struggling to avoid a foreclosure, you can hire one of the many Foreclosure attorney Miami Fl, and save yourself and your family from getting evicted from your home.