Florida Foreclosure Law

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Below you will find information specific to Florida foreclosure law. A brief breakdown of foreclosure facts are listed in the table and are defined more thoroughly just below the table:

Judicial Foreclosures	YES
Non-Judicial Foreclosures	NO
Primary Security Instruments	Mortgage
How long does it take?	About 6 months
Right of Redemption	12 months
Deficiency Judments Allowed?	YES
Sale Publication Period	N/A
Sale/NTS	Court

 

Judicial Foreclosures

With Florida foreclosure law, only judicial foreclosure methods are used. With that being said, a lender in the state of Florida must file an action with the court, called a 'Lis Pendens ', to begin a pending lawsuit against a borrower. During this time of the pending lawsuit, the lender will typically try to notify the borrower by mail about the initiation of the foreclosure process. After about four to five months, if no contact is made by the borrower with the lender, that may be interpreted as the borrower not having any intentions to satisfy the loan and the lender will ask the court to make a ruling. The ruling that the court makes will include a total amount needed to pay to satisfy the loan and a date the property will go up for sale. An important thing to note with regard to Florida foreclosure law, the borrower has until the date of sale to satisfy the loan and reclaim the property.

 

Power of Sale

In the state of Florida, after a court makes a ruling in the case of a property undergoing the foreclosure process, the borrower has about a month before the property will go up for sale, but that can sometimes vary. At this time, a Notice of Sale will be sent out expressing the court 's intention to sell the property. The sales of these properties are taken place in an auction setting conducted by a court clerk. A buyer must pay a five percent deposit at the time of the auction and the remaining balance must be paid by end of day or the property will go up for auction once again at a later date. Soon after a successful sale, the court issues the buyer a certificate of sale and transfers ownership of the property to the new owner. By this point, the initial borrower has no right of redemption and may not expect to get the property back by any means.

Related Links:

Florida Foreclosure Attorneys: Here you'll find a list of foreclosure attorneys specific to your area. Speak with an attorney that can help you make the best decision possible.
Notice of Sale: Understand what it is and how it relates to the foreclosure process.
Notice of Default: A document that begins the foreclosure process. We define it more clearly here.
Right of Redemption: Even if you've lost your property to auction, you may be able to get it back. Here is more information about what right of redemption actually is.