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<td height="25" colspan="4" class="title">The Process of Foreclosures</td>
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<P><FONT size=5>THE FORECLOSURE PROCESS EXPLAINED</FONT> </P>
<P> <IMG style="MARGIN: 5px" src="http://www.resionline.com/megatemplate/uploads/rteul_images/102220071055148862.jpg"></P>
<P>Foreclosure is the process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossesion) of the property securing the loan. The foreclosure process begins when a borrower defaults on mortgage payments and the lender files a public default notice, called a Notice of Default or Lis Pendes. If the borrower is unable to get up to date on his or hers mortgage payments there are four ways the foreclosure process can end.</P>
<P>Pre-foreclosure</P>
<P>The borrower sells the property to a third party before the pre-foreclosure period ends (90 days). With pre-foreclosure the owner of the property can sometimes walk away with something to show for his equity on the property depending on the loan to value ratio. But more importantly the quick sale of the property can allow the borrower to pay off the amount owed on the loan and avoid having a foreclosure on his or her credit history. Buying a property in pre-foreclosure involves submitting an offer to buy the property outright from the borrower. The buyer has time to research the title and condition of the property and purchases the property 20% to 40% below market value.</P>
<P>Auction</P>
<P>If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can then bid on the property at a public auction and may not have time to research the property condition and title. Buyers are often required to pay in cash for the property. </P>
<P>Bank Owned (REO)</P>
<P>If the lender takes ownership of the property, either through an agreement with the owner during the pre-foreclosure process or by going through foreclosure, the lender will want to liquidate the property to recover some or all of the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and repair. Bank foreclosures can become government foreclosures if the loan is backed by a government agency such as the Development of Housing and Urban Development (HUD) or the Department of Veteran Affairs (VA). Bankowned property is discounted heavily and needs to be liquidated, sometimes bringing savings of as much as 60% from the original purchase price. </P>
<P>Short Sales</P>
<P>In some cases the lender chooses to accept less than the amount of the loan due to avoid the foreclosure process. The foreclosure process can be time consuming and expensive as it involves attorney fees, eviction process, delays from borrower bankruptcy, damage to the property and any other costs associated with resale. The lender wants to make sure the seller of the property with the mortgage in default does not walk away with any cash from the deal so that the net cash to the seller is exactly the short sale pay to the lender. Lenders usually require a preliminary HUD-1 settlement statement for a short sale.</P>
<P>How SFF Group can assist you.</P>
<P>SFF Group provides you unlimited access to all the foreclosure listings on this website. We have currently have over two thousand Active Listings of Foreclosures, Short Sales, Pre Foreclosures and REO's on our Foreclosure Section. We also provide you with Foreclosures by Map where you can view Foreclosure Listings on a Map.Our expertise lies in distressed real estate and we research all the foreclosure listings and post them on this site. This site is updated daily so check back if you haven't found the property you are looking for or <A href="http://www.miamiforeclosuregroup.com/contact-south-florida-foreclosure-group.htm">contact us</A> to let us know what kind of property you are in the market for. When you contact us we keep this information on our database and cross reference it with our research so we can contact you when we find something we think you might be interested in. Since South Florida Foreclosure Group deals directly with banks, we can contact you before some REO's even come into the market! Our broker is Cervera Real Estate which has over 150 associates and 38 years of experience in South Florida real estate. We can assist you in any real estate need you have and have associates that are fluent in most languages. If you are an REO officer for a lender <A href="http://www.miamiforeclosuregroup.com/contact-south-florida-foreclosure-group.htm">contact us</A> to receive more information about our agressive marketing campaign, through our network of investors and advertising plan your property will receive significant exposure to potential buyers and move. South Florida Foreclosure Group also offers Property Management, our mission is to create more value for our clients property by applying our high standards of management and minimizing vacancy by marketing our rentals through our extensive network of clients to get maximum exposure. </P>
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