There are some foreclosure flowcharts online but there is no statute with specific foreclosure procedures.
The Notice of Default is basically a lawsuit, where once filed, you have 20 days to respond.
If no response is filed, a "Motion for Summary Judgment" can be filed on day 21.
A hearing is set to hear the "Motion for Summary Judgement" as soon as 10 days later, but more typically is 30 days later.
The Motion for Summary Judgment essentially says:

• The Promissory Note requires payment.
• There has been no payment.
• We deserve a judgment.

At this hearing the judge will set the foreclosure sale date.
The soonest it can be is 30 days but is more typically 60-90 days.
So the theoretical minimum time requirement is roughly 60 days after the initial filing of the Notice of Default.
In the real world it usually takes about 6 months.

When it comes to avoiding foreclosure, time is not your friend.
The sooner you take action, the better your odds for a favorable outcome, because, as time passes, the options available to you decrease until you are left with no option other than being evicted.
Here are some of the most common options:

• Talk with your lender: There are a number of ways that a homeowner can work with their lender to resolve the issue and make their way back to good.
• Reinstate your loan: If you have enough cash available, you can reinstate your loan by making up all the missed payments, including principal and interest.
• Refinance: You can start fresh if you can refinance at a better rate and pay off your old loan. All states give you the right to "redeem" your mortgage.
• Loan modification: One of the most popular alternatives to foreclosure is loan modification. This option involves negotiating with your lender to modify the terms of your loan.
• Forbearance: This option temporarily suspends payments, allowing you time to make up the shortfall.
• Repayment plan: A lender may agree to put a borrower on a repayment plan to help them avoid losing their home.
• Deed in lieu of foreclosure: A deed-in-lieu of foreclosure involves turning over your home to a lender voluntarily to avoid foreclosure proceedings.
• Short sale: If the proceeds from the sale are insufficient, you may need to negotiate with the lender to accept less that what was promised.
• Partial claim: If you have an FHA loan and meet HUD's guidelines, you may be eligible for a Partial Claim, which is an interest-free loan designed to help strugling homeowners.
• Forgiveness: Having a payment forgiven by your mortgage lender is easily the rarest option on this list. However, it has happened.
• Bankruptcy: Bankruptcy does not stop a foreclosure, but can bring relief from agressive creditors and buy a little extra time.
• Reverse mortgage: If you're over 62 and have substantial equity, a reverse mortgage would pay off the loan in default and "cure" the default.

The most obvious and common option to consider is a sale of the home. Whether it's a traditional listing and sale, or a low friction quick cash sale, we can help.
Give us a call for a free, no obligation consultation.

Yes. Our goto is Daniel. If you're needs are more specialized he can provide guidance.

Daniel Marzano, Esq. (Managing partner @ Cosculluela & Marzano, P.A.)
14261 Commerce Way, Suite 205
Miami Lakes, Florida 33016
Direct: (305) 817-2170
www.floridabar.org

Yes. 100%.
The two considerations are time and equity.

1. Once a foreclosure process is started, there is a countdown timer that begins.
   A typical foreclosure takes about 6 months.
   If you are able to get the sale closed prior to the auction date, there is no issue.
   If you are not able close the sale prior to the auction, you're at risk. You may be able to get the bank to postpone the auction, but you must have a conversation with the bank, and they must agree.
   This is one of those instances where a good real estate attorney can help. (See above "Do you have an attorney you would recommend?")
2. If there is not enough time for a traditional sale, a cash investor may be an option. This is definitely an area where we excel.
   
3. There are costs associated with selling a house. If you are able to sell your house for more than the closing costs plus the mortgage payoff, you would receive the excess just like a normal sale. Be aware that the bank will include thier legal fees in your closing costs.
4. If the sale price is not enough to cover closing costs and mortgage payoff, it may be possible to negotiate a short sale.
   This can be a somewhat painful process. As you might imagine, banks don't like being paid less than what was promised.
   Short sales are beyond the scope of this FAQ, but it is something we can help with. We can refer a real estate broker that specializes in short sales that we can refer you to.

No. You do not have to move out of your house during the foreclosure process.
Until the foreclosure process is complete, you are the owner of your home.
Only after the foreclosure is complete and a "Certificate of Title" is issued to a new owner, would you have to move out.

No. The bank needs a court order to force you to leave your home.
If you don't leave willing, ultimately you will be evicted, but just as there are rules for the foreclosure, there are rules for eviction. Whoever the new owner is, they will need to follow those rules.

Here is the actual text from the statute:
45.0315: "At any time before the later of the filing of a certificate of sale by the clerk of the court or the time specified in the judgment, order, or decree of foreclosure, the mortgagor or the holder of any subordinate interest may cure the mortgagor's indebtedness and prevent a foreclosure sale by paying the amount of moneys specified in the judgment, order, or decree of foreclosure, or if no judgment, order, or decree of foreclosure has been rendered, by tendering the performance due under the security agreement, including any amounts due because of the exercise of a right to accelerate, plus the reasonable expenses of proceeding to foreclosure incurred to the time of tender, including reasonable attorney's fees of the creditor. Otherwise, there is no right of redemption." https://www.flsenate.gov/Laws/Statutes/2011/0045.0315

What this says is that you can "cure" the default by paying what was promised.

it is possible to get a deal done when you are in this situation.
The most common and easiest to understand is a short-sale. Simply put, the bank willingly accepts less than what is owed.
The bank does have the option to come after you for the deficiency. Typically they do not.

The other option would be to attempt to sell your house and offer some kind of terms.
In some situations it is possible get creative and create an environment where a seller might be willing to pay more than a house is worth.
Why would they do that? Simple. Terms.
Detail on this topic is well beyond the scope of this FAQ, but it is something we are particulary good at and would be happy to schedule a call to see if this is a possibility for your situation.

If it has been less than 10 days since the sale, there may be a chance for a redemption. Days count here. Don't doddle.
If it has been more than 10 days since the sale, the only option remaining is to choose how you will move out.
While it's possible that you may be able to craft some kind of deal with the new owner, either to buy it or stay as a tenant, in our experience this is not a high probability option.

A deed-in-lieu of foreclosure involves turning over your home to a lender voluntarily to avoid foreclosure proceedings.
This can make sense if you don't have excess equity, but makes no sense if you have equity.