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Florida Foreclosure law

By
Real Estate Agent with RealEstate911.com Bk3232858

For those who live in Florida and need info on the Foreclosure process in Florida please read the info Listed below.


Florida carries out foreclosures through court proceedings. The foreclosure process in Florida takes about five months.


Pre-foreclosure Period A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens) against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and
the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date.

 
The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender.


Notice of Sale / Auction The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual court. The clerk of court issues a notice of sale containing the location, date, and time of the sale. The notice is published once a week for two weeks, with the second notice appearing at least five days before the sale.


The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m. on the sale date. The winning bidder must provide a 5 percent deposit and pay the remaining balance by the end of the day or a new sale is scheduled a minimum of 20 days later. After a successful sale, the clerk gives a certificate of sale to the winning bidder


Within 10 days of the sale, the clerk transfers ownership to the winning bidder if no one disputes the sale. In most instances, a borrower has no right of redemption after the certificate of sale is issued.


Hope this helps, if you have any other questions please contact me anytime


James Loftis P.a. Realtor/Broker Assoc, CRS,GRI,EPRO

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James Loftis

Real Estate 911 Inc  Broker/Owner

Hollywood,FL 33024

954-261-3361

Real Estate 911 Inc

James@RealEstate911.com

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Comments (15)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher
James, I know that every state is different, it was interesting to read the foreclosure laws in Florida.
Dec 10, 2007 11:34 AM
Tchaka Owen
Galleria International Realty - Hollywood, FL
Formatting would make this a very useful blog post.
Jan 03, 2008 05:19 PM
Anonymous
Anonymous
James clean up this post so it's easier to read.
Mar 10, 2008 06:26 AM
#3
Anonymous
Anonymous
James clean up this post so it's easier to read.
Mar 10, 2008 06:26 AM
#4
Anonymous
asb4419
Talk more about defiency judgments and non recourse mortgages.
Mar 10, 2008 06:27 AM
#5
Anonymous
Marvin mthvllges@hotmail.com

We are going to loose our houe to foreclosure.

I need to know if they can take any of our social securtity or retirement?

May 23, 2008 05:36 AM
#6
Tchaka Owen
Galleria International Realty - Hollywood, FL

No to social security and if this is a FL homesteaded property, I believe that your retirement is protected as well.  But speak with a foreclosure attorney just to be sure.

May 23, 2008 05:41 AM
Anonymous
bscott

Thanks for this information James. I have just been served for foreclosure (Lis Pendens) in Florida, and wonder if I need a foreclosure attorney?  I do not intend to dispute the foreclosure and have no money for an attorney.

After foreclosure/sale etc, can they garnish my wages for the difference? Or do they just file for a judgment in case I hit the lottery? LOL  

Thanks again, Bscott 

May 27, 2008 01:15 PM
#8
Anonymous
Tari

James;

If we foreclose on our home will the bank come after the other properties we are currently paying mortage on? ( NC land, and Sebring land)

Tari

alphakinetix22@hotmail.com

Jul 14, 2008 06:32 AM
#9
Anonymous
REALTY TRAC

Good Morning James,

Nice job stealing and plagarising your content directly from REALTYTRAC.com

http://www.realtytrac.com/foreclosure-laws/Florida-foreclosure-laws.asp

Jul 20, 2008 02:37 AM
#10
Anonymous
Rick Johnson

Once the lender files a lawsuit for foreclusure and you are able to make up the

payments, are there any penalties or additions to what is owed???

 

Rick

Aug 04, 2008 12:56 AM
#11
Anonymous
Lori

Once the Lis Pendens has been filed, can the attorney for lender file motion for summary judgment right away, or are they required to wait for the 20 days from service for the borrower to respond?

Thanks, looking for answers in Florida

Aug 13, 2008 01:09 PM
#12
Anonymous
Janie

I have the same question that Tari had from 7/14. If I have to let my second home (rental property) go into foreclosure, will the lender want to take any 401K, savings, CD's, retirement, homestead property from me?

I have been trying to sell the property for 2 1/2 yrs. with only one very low ball offer. I cannot carry two mortgages any longer.

Somebody please help, I also cannot afford to hire an attorney.

Feeling helpless!

Sep 17, 2008 02:29 AM
#13
Anonymous
Jim

Janie,

I'm curious if you received an answer to your question? My wife and I are in the same boat and want to know if we need to shelter assets so we have something to live off of after foreclosure.

jameskrantz@hotmail.com

 

Thanks.

Jim

Oct 31, 2008 05:13 PM
#14
Anonymous
Martin

Avoid financial hassles arising from foreclosures\ with the help of florida foreclosure.For details pls log on to
http://www.floridaforeclosurehelp.us

Dec 09, 2010 05:38 PM
#15