What is HOPE NOW?
HOPE NOW has the lending servicers as members. HOPE NOW collaborated with Fannie Mae, Freddie Mac and FHFA on arriving at a standard that is consistent and addresses the capacity challenge for servicers dealing with increased delinquencies. For more information visit www.hopenow.com How are Florida Mortgages Foreclosed? The primary method of foreclosure in Florida is the result of a law suit filed by the lender against the owner of the property. If the owner does not file an Answer to the suit or another pleading within 20 days of receipt of the suit, the lender can get a Default Judgment against the homeowner and proceed with the foreclosure and eventual sale of the property. How Long Does it Take to Foreclose on a Property in Florida? Depending on the timing of the various required notices, it usually takes a minimum of 90 days to effectuate an uncontested foreclosure. However, these days, we are seeing it anywhere from 90 days to over 15 months with some lenders due to the backlog.
