How Does The Florida Foreclosure Process Work?
The Florida foreclosure process is ruled by regulations governed by the Florida law. Foreclosure starts when your lender files a lawsuit against you because you have defaulted on your mortgage contract. This indicates that your lender wants to take back possession of your property.
Florida Foreclosure Process
If you fail to appear in court to be at the hearing, the judge has the powers to rule a judgment in favor of your lender. This would mean bad news for you and is not what we recommend if you want to stop the Florida foreclosure process. If this happens, you have to lawfully follow the rules outlined by the court and have no powers of objections. These rules are governed by the Florida foreclosure law.
The Florida foreclosure law does also not require your lender to give you prior notice of their intent to begin Florida foreclosure proceedings. The only way you need to be legally informed by the lender, is when your mortgage agreement or deed of trust specifies that notification has to be given prior to the foreclosure process. This is also called a pre-foreclosure. In that case your lender will send you a written letter sent by registered mail.
Once the court action have started the Florida foreclosure process is on its way. The Florida foreclosure law states that you have the power to stop the foreclosure process at any given time, provided you pay off the balance owed to your mortgage lender. This is the total balance of your mortgage, not just the default amount. The cut off time will be the date of your foreclosure sale.
If you fail to make these payments, your property will be sold at the Florida foreclosure sale by your lender in his favor. This is governed by the courts of Florida.
The Florida foreclosure law also states that these foreclosure sales need to be listed in the foreclosure judgment. These need to be adhered to throughout the foreclosure sale process.
A foreclosure is a lender’s way of recouping the costs of the mortgage loan. It also helps the borrower (you) to make good on the loan when you cannot make the mortgage payments. The whole Florida foreclosure process takes around five months from beginning to end.
