Florida Foreclosure Laws

Judicial Foreclosure Yes
Non-Judicial Foreclosure No
Security Instrument s Mortgage
Right of Redemption Yes-brief and subject to court procedure
Deficiency Judgments Yes
Time Frame Usually 180 days

Judicial foreclosure in Florida is completely controlled by the court. The lender sues and obtains an order to foreclose. The court then defines the procedure to be followed. The court may or may not order that the notice of sale be published in a newspaper. If so ordered, it is the responsibility to place the notice for publication on the terms ordered by the court.

The sale technically ends any equitable right of redemption; however the court may extend the time for redemption, but rarely does so. In fact, there is a period following the sale during which the court reviews the sale to ensure a fair price has been paid. This usually takes about 10 days, and right of redemption remains in effect until court confirmation of the sale.

Should the court, for any reason, not confirm the sale, another sale is ordered.

The lender may also sue for a deficiency judgment.

I created this website to help the thousands of Florida families faced with the foreclosure of their home. Whether you are in foreclosure, facing a short sale, or even a bankruptcy I sincerely hope that the information on this site helps you to make an informed decision.

John

Disclaimer

None of the information on this site should be construed as legal advice. You should always consult an attorney for advice about your specific foreclosure situation.

How Wikapedia.org explains foreclosure…

Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption.[clarification needed] Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue homeowners’ association dues or assessments.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”. If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.

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