Florida Foreclosure Law: What Can You Do?

One way to understand the Florida Foreclosure process is by observing the Florida Foreclosure law. Not knowing what you can, and cannot do is like trying to open your front door in the darkness. It won’t work. The law is what it is and unless you are familiar with the rules your Florida Foreclosure might be a bigger nightmare than you already seem to think.

Florida Foreclosure Law: The How

All Florida mortgages are foreclosed in equity. If a foreclosure takes place the court will sever all counterclaims against lender who forecloses. This is done in the event of a separate trial which will be tried in court without the need to have a jury.

The foreclosure court rules how the actual foreclosure will proceed. Those are the terms that need to be observed. Should the need arise to make this event public, it is the responsibility of the lender to do so.

When the foreclosure sales takes place the Equitable Right of Redemption ends.  The court will also review the sale within the usual 10 days to make sure the foreclosure sale has proceeded according to the law and a fir price has been paid. During that timeframe both parties can object to the sale. Once the 10 days are up, the Certificate of Sale will be filed, after which the property title passes ownership and the transfer is complete. Reference F.S. Chapter 702 explains what happens if the sale is not complete.

Naturally there is a lot more to the naked eye than this simple overview of the foreclosure law in Florida. You want to speak to your counsel to get a detailed breakdown of the process and if in doubt, speak with your mortgage lender and your lawyer to understand the ins and outs of the Florida Foreclosure law.