About Foreclosure Sale Laws in Florida
During the housing market crash, Florida was one of the hardest hit states. Thousands of people either went into foreclosure or pre-foreclosure in the state. Knowing the rules in the state related to foreclosure will help homeowners who find themselves in this situation understand their options.
Other People Are Reading
-
Method of Foreclosure
-
Only judicial foreclosures are legal in Florida. The lender must file a lawsuit through the court system to start the process.
Notification & Response
-
The lender does not have to notify the home owner before starting the foreclosure action. The borrower does not have to respond to the lawsuit. In that case, the courts will find in favor of the lender for the full amount due at the time of the foreclosure.
-
The Foreclosure Sale
-
The auction can take place as early as 20 days after the foreclosure ruling. The home owner can actually stop the sale and the foreclosure proceedings up until the day of the auction by paying the amount due.
The Winning Buyer
-
To purchase the property at the auction, you need a 5 percent deposit. The balance must be paid by the end of the day or a new auction must be held. Within 10 days, the paperwork for the sale is completed.
Redemption Period
-
No redemption period is applicable in Florida. Once the property is sold at auction, the original owner loses all rights to reclaim it.
-
