The Mortgage Foreclosure Process in Florida
A property is in danger of foreclosure when the borrower is unable to make the agreed-upon payments in the loan contract. This gives the lending agent the ability to take possession of the property and sell it to the highest bidder. Florida foreclosure laws are based on the lien theory of ownership. This theory maintains that the property is collateral for the mortgage loan, and a lien is placed on the property.
Other People Are Reading
-
Court Order
-
In order to initiate a foreclosure in Florida, the lending agent is required to file a lawsuit against the borrower. The court typically gives the borrower a deadline for making the necessary payment and orders the property to be sold if the deadline is not met.
Proper Notice and Time Frame
-
The court order will specify any required notice to the borrower as well as any newspaper advertisements to announce the foreclosure sale. The lending agent is responsible for providing this notice as well as taking out the necessary advertisements. The entire foreclosure process generally takes between 180 and 200 days if the borrower does not contest the foreclosure process.
-
After the Sale
-
Once the sale has been completed, the borrower has a short window, usually 10 days, before the sale is confirmed. This time can allow the borrower a chance to file an objection if the proper procedures were not followed. In that event the court may order a new sale or set aside the foreclosure entirely.
Setting Aside the Verdict
-
The court maintains the right to set aside a foreclosure verdict at any time prior to the completion of the sale. The sale is considered to be completed once the sale is confirmed by the court. Setting aside the foreclosure relieves the borrower from any obligations or penalties imposed by the foreclosure process and restores the mortgage contract to the state it was in prior to the foreclosure proceedings.
-
