Florida Mortgage Foreclosure Law

Overview of Florida laws on mortgage foreclosure.

Florida Statutes at Chapter 702 sets forth the legal provisions concerning foreclosure in the Sunshine State. The statute establishes the grounds for foreclosure as well as the court procedures that must be followed. Additionally, the statutes delineate the manner in which foreclosed real estate is sold to satisfy the underlying mortgage loan.

Function

The primary functions of Florida foreclosure law is to provide a judicial mechanism through which a mortgage lender is able to take possession of real estate when a borrower defaults on the underlying loan. The foreclosure laws in Florida are also designed to provide select rights and protections to the borrower as well in the event of a default.

Time Frame

A foreclosure action in Florida typically takes approximately 180 days from the date the initial foreclosure lawsuit is filed to the completion of the redemption period. When the redemption period ends, the lender has full possession and ownership of the property and can conclude a sale to a third party if it so desires.

Types

Unlike some states that permit both non-judicial and judicial foreclosure, Florida law only allows one type of foreclosure. A lender can only pursue judicial foreclosure in the state. A lender must obtain a court order to foreclose on a mortgage loan, take possession of real estate and sell the property to a third party.

Redemption

Florida law provides what is known as a redemption period. The redemption period typically runs from the time the foreclosure case commences until the date of the foreclosure sale. Florida law does permit a court to alter the redemption period at lease to some degree in a particular case. For example, a judge may elect to extend the redemption period if there is a reasonable possibility that the owner will be able to make the necessary payment to redeem the property.

Expert Assistance

Prosecuting or defending a foreclosure case is a challenging legal endeavor. If you find yourself involved in such proceedings, consider engaging the services of an experienced attorney. The Florida Bar maintains a directory of attorneys in different practice areas. Contact the Florida Bar at Florida Bar
651 E. Jefferson Street, Tallahassee, FL 32399-2300; 850-561-5600 or floridabar.org.

References

• Foreclosure Law: Florida foreclosure law summary
• Florida Senate: Florida statutes Chapter 702: Foreclosure of mortgages

Resources

• Florida Bar