Florida Foreclosure Lawyers

Florida Foreclosure Laws

In Florida, all foreclosure actions are judicial proceedings. Mortgages are foreclosed in equity.
The court will issue an order which sets forth the conditions under which the foreclosure must take place. The borrower has the right to defend the foreclosure action and redeem the property prior to the foreclosure sale. After the sale, the borrower no longer has any redemption rights and the new buyer receives title, providing there are no disputes filed.

Initial Proceedings

The lender will file a lis pendens (pending litigation) action with the court in the county where the property is located. Under Florida law, the lender does not have to notify the borrower prior to initiating foreclosure proceedings. However, the mortgage or deed may include provisions requiring the lender to give the borrower prior notice. The lender will notify the borrower and all interested parties by mail or publication. The borrower has 20 days once they receive service of the complaint to respond in writing by filing their answer or other response with the court. If the borrower does not respond, a notice of default will be entered by the court, and the house will go to foreclosure sale. However, in most foreclosure filings, the borrower will hire an attorney to defend themselves.

Redemption

The borrower has a statutory time period in which to redeem the property and pay all arrearages and any costs and fees. This equitable right of redemption period is at any time prior to the sale and ends by the sale date. The court will then order the house to be sold at a foreclosure sale.

Foreclosure Sale

The sale is generally scheduled for approximately 20-35 days after the court issues its order of sale. The notice of sale is then issued and published in a newspaper of general circulation in the county where the property is located for two weeks. The last notice must be published within 5 days of the sale date. The notice provides the date of the sale, the time and place. Foreclosure sales in Florida are held at the county courthouse on the date of the sale date. The court clerk will oversee the sale. The winning bidder must provide a 5% deposit and pay the balance at the end of the sale date or a new date will be held a minimum of 20 days later. The successful buyer will receive a certificate of sale. Within 10 days after the sale date, the clerk will transfer ownership to the new buyer, if there are no disputes. (Refer to Florida Statutes Chapter 702 for more information.)

Deficiency Judgments

In Florida, the lender may obtain a deficiency judgment against the borrower for the difference between the sale price and the amount owed on the borrower’s loan. Lenders do not usually pursue deficiency judgments against the borrowers, unless the borrower has substantial assets, because lenders realize that the costs involved are more than they can probably collect against a borrower with no assets. Also, the lender does not want to spend time and money finding the borrower to serve them after they have moved out of the house.

Read more about State Laws to get a detailed explanation.

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