Florida Foreclosure Facts

When a borrower fails to pay back the due loan amount of the lender or miss some installments then the lender seek Florida home foreclosure of the borrower’s residence. The lender files an appeal in the county court to take away the borrower’s property as per the mortgage contract between the borrower and the lender. But in Florida the lender initiates the Florida home foreclosure process without notifying about his intention to the borrower. The homeowner can stop the Florida home foreclosure process by paying the due amount of the loan in six months till the date of the sale.

Florida home foreclosures proceedings are governed by statutes as Under Chapter 702 of the Florida Statutes the lender has the right to claim the defaulted amount through judicial sale of the borrower’s residence. The court that gives the jurisdiction regarding a Florida home foreclosure is known as the Circuit Court. A complaint is filed by the lender in Circuit Court along the alis pendens that is actually a recorded document of the public notice regarding the Florida home foreclosure property. If the Florida home foreclosure proceedings are not contested then in around 200 days the process completes. But the Florida home foreclosure process can get delayed if the borrower contests the action, files for bankruptcy and seeks delays and adjournments of hearings.

Florida home foreclosure procedure

Florida is a judicial state so the court carries out the foreclosure proceedings in five months. Firstly the lender files the case for a court action and then a notice related with pending lawsuit is recorded. The home owner is notified by either mail or by the lender. If the borrower doesn’t come for the proceeding for a certain time period then the borrower is declared as defaulter by the court. The court then finalizes the total due amount and the date of house foreclosure sale. The date of sale generally occurs after around 20-35 days of the court ruling. The notice of Florida home foreclosure sale is then published in local newspapers with the time, date and location of the sale. The notice of sale has to be published once a week for continuous two weeks before the sale. The Florida home foreclosure proceeding usually takes place at the court house and is looked after by the clerk. The people who make the highest bid get the property but he has to pay a 5% deposit at that time and the balance amount by the end of the day so as to get the certificate of sale of the property. In case he is not able to make the payment then a new sale date is setup with in 20 days. The ownership of property is legally transferred with just after 10 days of sale.

In Florida the borrower has a statutory right of redemption of the property within the time period by making payment that includes unpaid loan, late fees and costs of process.

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