Florida Foreclosure Laws

Foreclosure in Florida Requires Judicial Review

The process of foreclosure in Florida is a judicial process. This means that your mortgage lender must go through the court system in Florida before foreclosing on your property. The Florida foreclosure laws are written into the state legislature to prevent mortgage lenders from taking your property without disputed action. A Florida judge reviews the initial filing by your mortgage lender. The approval process grants foreclosure on your property.

Any claim that is made to dispute foreclosure goes through the court system. This judicial review process protects you when you do not agree with the decision your lender has made when you are notified of foreclosure. If you do not dispute foreclosure, a Florida judge will outline the process that a mortgage lender must follow to begin foreclosure. A public notice must be made by your bank or lender to serve as the first phase of the foreclosure process.

Maximum of 180 Days Before Foreclosure Completion

The judge that hears the initial foreclosure filing sets the time limit for completion. The normal time limit given is 180 days or less from the start of the process. This means that you have a short amount of time to avoid foreclosure by disputing it or taking other prevention measures. Mortgage lenders and banks typically start the foreclosure process as early as possible. The judicial review process provides much needed protection for you. You can seek help from attorneys or organizations to help stop foreclosure.

Florida Foreclosure Laws Property Right of Redemption

You are given the right if a lender sells your property at auction to dispute it. The right of redemption is the last phase of the judicial review process. The redemption period usually ends 10 days after the sale is made. A judge will review the sale price and make sure it is fair and legal. This gives you or other bidders a way to dispute the sale if you believe it was made unfairly. If you do not use your right of redemption, a judge will approve filing of a certificate of sale and transfer the property back to your lender.

Deficiency Judgments in Florida Foreclosure

Banks and mortgage lenders are given the right to pursue unpaid debts. There is no expiration period for this pursuit. You can be sued for the unpaid mortgage on your property. All unpaid debts are reported to major credit bureaus. This can make it difficult for you to get a future loan. A deficiency remains on your credit report until it is paid in full or a settlement is reached. Florida foreclosure laws allow banks and mortgage lenders to get a summary judgment against you.