What are the basic steps in the Florida commercial foreclosure process?
Pre-Foreclosure 1. Borrower misses mortgage payments. 2. Late notices sent by bank. Written and verbal communication lines opened. Loss mitigation analysis conducted. 3. Workout measures employed by lender. 4. View premises and ensure no unexpected parties are in possession. 5. Perform environmental assessment. 6. File sent to legal counsel. 7. Demand for payment under the note in full, based on the acceleration clause is issued. 8. Pre-foreclosure collateral valuation process initiated. 9. Confirm lien superiority. 10. Confirm payment of documentary tax obligations. See Fla. Stat. ยง201.08. 11. Full analysis of account balance and debt instruments conducted. 12. Full analysis of noticing compliance and foreclosure conditions precedent conducted. Formal Legal Foreclosure Process 1. Foreclosure complaint filed in court of county where property is located. 2. Service perfected (20-60 days response period after service depending on defendant). 3. Debtor typically defaults and court holds h
