Florida Foreclosure Law

Florida State Foreclosure Law dictates that lenders may only avail of the Judicial Foreclosure process to foreclose mortgages in default, unlike in other states where Non-Judicial or “Power of Sale” Foreclosure process is also available.  All disputes regarding foreclosure must be done through the courts.  The typical time of process lasts about 180 days and the mortgage is the only security instrument recognized.  Both Deficiency Judgments and the Right of Redemption are allowed in the State of Florida.

The Judicial Foreclosure procedure in Florida is done in a way where all mortgages are foreclosed in equity.  In a mortgage foreclosure process, the lender must first file a suit seeking to foreclose a property in which the mortgage is in default.  The court will then sever, for a separate trial, all counterclaims against the foreclosing lender.  If the court finds enough merit to put the foreclosure proceedings into a trial, it will do so without a jury deciding the outcome of the case.  The presiding judge holds the sole responsibility of rendering judgment regarding the property in dispute.

The court order of foreclosure must clearly state all the pertinent information regarding the manner in which the foreclosure will be enacted.  The foreclosure sale must strictly adhere to the terms provided by the court order, without any exceptions.  Whenever a legal advertisement, publication, notice, or any matter related to the foreclosure proceedings is required to be placed in a newspaper, the lender, or their duly designated representative, shall bear the responsibility of placing such advertisement, publication, or notice.  The newspaper should be in general circulation throughout the county of the property’s locale.  The foreclosure sale usually takes the form of a public auction where the property is awarded to the highest bidder.

The borrower’s equitable Right of Redemption usually ends at the foreclosure sale, unless otherwise provided by the courts.  The court may, at its discretion, set a different time period where the borrower may exercise his right to redeem his property being foreclosed, but this rarely happens.  After the foreclosure sale, a review period is set so that the court will be able to ensure that a fair price has been paid for the property.  This period usually lasts about 10 days, after which the Certificate of Sale is filed and the title is handed on to the successful buyer, if the sale is confirmed.  Basically, this period of time allows parties to object to the sale of the property on the basis that the proper procedures were not strictly followed or that collusion existed between the other parties involved in the bidding, for example.  If substantive evidence would support the objections raised by other parties, or should it be proven that a fair price has not been paid for the property, the court will order another foreclosure sale of the property.

In Florida, the lender may file a suit in order to obtain a deficiency judgment should the amount paid in the foreclosure sale falls less than the total amount owed by the borrower.            

Florida Foreclosure Help : Local HUD offices

Berkeley Real Estate ~ Bay Area Real Estate ~ East Bay Real Estate ~ El Cerrito Real Estate ~ Hercules Real Estate ~ Pittsburg Real Estate ~ Pinole Real Estate ~ Antioch Real Estate ~Exit Realty California

San Francisco Bay Area Forclosures ~ San Francisco Homes For Sale ~ Bay Area Homes For Sale ~ Home Buying Basics ~ Testimonials ~ Mortgage Information ~ Bay Area Real Estate News ~ San Francisco Relocation ~ Our Community ~ Bay Area Utility Companies ~ Bay Area Homes For Sale By Owner ~ Testimonials ~ Mortgage Information ~ Bay Area Buying Versus Renting ~ Bay Area New Home Construction ~ John Nazareno ~ Real Estate Terms A-F ~ G-M ~ N-S ~ T-Z ~ Find a Bay Area Home ~ Sell a Bay Area Home ~ Foreclosures Blog ~ Foreclosures List ~ Tax Lien ~ Tax Deed ~ ADD URL ~ Resources ~ Site Index ~ Home