Florida does not have non-judicial foreclosure. It does not have anti-deficiency laws.
This article says that the foreclosure process takes about 5 months. (please seek a lawyer's advice, do not rely on this because you situation may be different.)
The foreclosure begins when a lender files suit and records a lis Pendens.
Florida Foreclosure Laws
Showing posts with label foreclosure timeline florida. Show all posts
Showing posts with label foreclosure timeline florida. Show all posts
Saturday, June 9, 2007
Saturday, May 26, 2007
Florida Foreclosure Law
Florida Foreclosure Law
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 180 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.
The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice.
Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that "the court reviews the sale to ensure a fair price has been paid." Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered. (Reference F.S. Chapter 702)
The lender may sue to obtain a deficiency judgment in Florida.
Foreclosure Summary copyright, © ForeclosureLaw.org
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 180 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.
The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice.
Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that "the court reviews the sale to ensure a fair price has been paid." Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered. (Reference F.S. Chapter 702)
The lender may sue to obtain a deficiency judgment in Florida.
Foreclosure Summary copyright, © ForeclosureLaw.org
Foreclosure timeline in Florida
In Florida foreclosure is judicial which means it goes through the court system and it is estimated to take 180 days. (check with your attorney if it happening to you.)
Non-judicial foreclosure is not available
There is a right of redemption can end at the foreclosure sale altough a court can specify another time limit. (again this can be complicated make sure you are properly educated and prepared.)
If the Lender recovers less than the value of the loan, Lenders are allowed to collect on the the deficiency.
Non-judicial foreclosure is not available
There is a right of redemption can end at the foreclosure sale altough a court can specify another time limit. (again this can be complicated make sure you are properly educated and prepared.)
If the Lender recovers less than the value of the loan, Lenders are allowed to collect on the the deficiency.
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