Florida Foreclosure Info For FYI
Found this tidbit of info:
Quick Facts
- 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, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Judicial Foreclosure
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.
Once the sale takes place, the sale terms must be confirmed by the court that ordered the sale. The borrower may redeem the property by paying the amount of the purchase price prior to the time the sale is confirmed. The purchaser will hold a certificate of sale until such confirmation occurs, at which time title in the buyer's name can become complete by filing a certificate of title.
The lender may sue to obtain a deficiency judgment in Florida.
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