Florida Foreclosure Law Summary

Florida Foreclosure Laws Subject To Change

The Florida foreclosure summary below provides information on your state’s most common foreclosure rules. However, you should also know that your state’s foreclosure laws and procedures are subject to legislative, judicial, and local rule changes.

The information below is intended to provide you with a beginning point for understanding the intricacies and complexity of your state’s foreclosure law.

You will also need to consult with a local foreclosure defense lawyer to obtain a complete and current understanding of your state’s foreclosure laws and how they may apply to your specific legal and financial situation.

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

Foreclosures Based On Equity

In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for a separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried by the court without a jury.

Court Order Specifies All Publication Terms

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.

Equitable Right To Redemption – Fair Price Must Be Paid

Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). After the sale, there is a period that “the court reviews the sale to ensure a fair price has been paid.”

This period allows parties to object to the sale because proper procedures were not followed or collusion existed between the bidders, for example. This period is usually ten days, after which the Certificate of Sale is filed, and the title passes if the sale is confirmed. If the deal is not guaranteed, another sale is ordered. (Reference F.S. Chapter 702)

Lender May Sue Borrower For Deficiency Judgment

Need Foreclosure Help?

Communicate With A Verified Real Estate And Foreclosure Lawyer.

Reference Source: U. S. Foreclosure