The current economic situation is a unique time in the history of our country. Not since the days of the Great Depression have we seen such a downturn in spending, the inability of such a great percentage of the population to stay afloat, holding on to assets that were purchased with such enthusiasm and hope. The word "foreclosure" used to be on the lips of only those interested that particular niche of the market. Now it is a household word, being vocalized by every segment of the population. Although we hear it said that the economy is starting to swing upward, everywhere we turn there is concern about spending and the inability to sell.

In this issue, we are going to try and help you reduce some of your own concerns about making deals in this economy and offer tips on how to make these tough times work for you! If business is slow, check out our article that offers tips on how to use your free time to regroup and reassess any small problem areas of your business. Our foreclosure law series continues and Florida is up this month. Use this series to learn more about the Sunshine State laws (especially if you are from there) or compare their regulations with the ones in your home state.

Whatever you do to make today work for you, you can be sure that it is a safe bet to take Default Research with you as we provide you with our timely daily pre foreclosure lists and explore methods to help you in your continued success.

Time is Money!

For now, with the economy down and businesses slow, think about time as money - in a good way! With fewer customers to take up most of your time and energy, give yourself a chance to focus on your business and ways to make it more efficient. Then, when the market does recover, your company will be better off for the downturn in the economy. Here are a few simple steps to think about taking as you get a "working vacation" from your day-to-day job of running your business:

1. If you are not finding new clients, reach out to the ones that you have right now. Make sure that you get feedback from them, offer those clients sound advice during this economy, and grab testimonials whenever you can. Those testimonials will be money when people have more cash to invest and they are looking for a reputable foreclosure expert to work with in purchasing property.
2. While you reach out to the good clients, determine those who are costing you time and money. Think about the clients who do not pay and need constant prodding on your part before they do so. Consider writing them a nice letter thanking them for their business, but explaining that you are not the best fit for their needs.
3. Once those clients are gone, you will have even more time to make money. Therefore, go search for other ways to promote your foreclosure business. Whether it is creating a newsletter, volunteering in the community wearing your company t-shirt, or offering advice to local reporters writing stories on the foreclosure situation.
4. Above all, take the time to figure out how your business can be more "money" in the future. Evaluate how you approach homeowners in distress, think about your marketing strategy and if you can update it, and finally, take some time to refresh yourself!

Florida Foreclosure Laws

All foreclosed mortgages in Florida go through judicial proceedings, unlike some states where most foreclosures are realized through non-judicial measures (Arizona for example).

A lawsuit is filed by the lender after the owner has been consistently delinquent and they and the lender are unable to resolve the issue. After the suit is filed via a Lis Pendens, the court determines whether a notice of sale should be publicized. If ordered to do so, the lender who is suing for the foreclosure is responsible for placing this notice, following the terms set forth by the court. The property owner is also notified of the suit and given opportunity to respond within a certain set amount of time. If they do not, the County Clerk rules against them, and finds them in default.

Foreclosure on a property usually takes between 180 and 200 days to bring to sale. But, since all foreclosures in Florida are suits in equity, the only chance for the home owner to gain back rights to the property after the suit has been filed is to contest the sale. In order to successfully do this, they must be able show proof that they were not served correctly, or that there was some other error in the proceedings prior to the suit being filed. Nothing short of that will stop the court ordered judicial sale.

The indebted property owner served with notice of the suit is given the chance to appear and defend themselves. Should the property owner choose to contest the suit, a separate trial is held. The property is auctioned at sale on the day of foreclosure, and the winning bidder must follow certain rules set down such as time and amount to be considered paid in full. It takes approximately 10 days for the successful bidder to receive a certificate of sales, and once that is issued, the previous owner has lost all rights to the property.