What Happens to a Debtor in a Florida Home Foreclosure?

Debtors in Florida face foreclosure if they default on their mortgage loan.

Florida debtors face foreclosure action if they default on their mortgage loan. All Florida mortgages are foreclosed using a judicial foreclosure process and must go through the court system. Florida foreclosures typically take at least 180 days to complete.

Judicial Foreclosure

Florida lenders must file a judicial foreclosure proceeding in which the court order specifies the manner in which the foreclosure of the home is carried out. Once the Circuit Court issues a final judgment of foreclosure, the debtor will receive a notice of foreclosure and public sale.

Sale/Redemption

Florida lenders who receive a judgment of foreclosure on a debtor's home, will schedule the sale of the home. Florida provides debtors with a right of redemption, during which the debtor may redeem the home by paying the amount due on the loan in full. Debtors who fail to redeem the home during the statutory redemption period, will have their home sold at auction.

Deficiency Judgment

Debtors in Florida may face a deficiency judgment if their home is sold due to foreclosure. A deficiency occurs when the home is sold at auction for less than the total amount due on the mortgage loan. According to Foreclosure.com, lenders in Florida may sue the debtor for the deficiency amount once the home is sold.

References

• Foreclosure.com: Florida Foreclosure Laws
• Realty Trac.com: Florida Foreclosure Laws