Legal Question in Real Estate Law in Florida
We have been involved in a foreclosure
as we did the loan. This started back in
April when the attorney said 4 to 6 months.
we are now at 8 months and have just been informed the owner may now start
a bankruptcy which could extend it another 3 to 6 months. Is there anything
we can do about this to shorten this ordeal?
1 Answer from Attorneys
If I understand correctly, you issued a mortgage and the person has defaulted on the loan. Now you are in the process of filing a foreclosure to get the security back from the non-paying borrower?
There is not much you can do to shorten the time-frames. You may want to try to negotiate a transfer of the property back to you in exchange for a waiver of the deficiency, but other than that, you need to go through the legal process to foreclose on the property.
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