Paul Clark
In this Blog we open the conversation with
economic loss caused by the current mortgage
crisis.
Foreclosure
Laws In Florida
Quick Facts
on Foreclosure Laws in Florida
- 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
Foreclosure Laws in Florida,
allow lenders
to foreclose a mortgage in default by using the
judicial foreclosure process. One of the most
critical distinctions in understanding foreclosure
laws in Florida, is whether the
laws on foreclosure are conducted through the court system (judicial)
or outside the court system (non-judicial).
Judicial Foreclosure
Foreclosure Laws in Florida 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.
Foreclosure Laws in
Florida 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
Foreclosure Laws in Florida allow the lender to sue to obtain a deficiency judgment
in Florida.
We receive more calls home
owners in Florida than from any other state requesting
information on foreclosure laws in Florida. If you would
like to explore your options or want more information on
foreclosure laws in Florida, please contact one of our
housing counselors at (877) 750-1433.
