Florida Foreclosure Law
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Usually 180 days
- Right of Redemption1: Yes
- Deficiency Judgments2 Allowed: Yes
All mortgages in the state of Florida are foreclosed using the judicial foreclosure process.
Judicial Foreclosure
All foreclosures in Florida start with the filing of a lawsuit. After the borrower has been served with notice, they must come to court and defend their rights. The lender will try to prove that foreclosure action is required because the borrower has not made the necessary payments and is therefore violating Florida’s equity laws.
In the court order, it will be specified as to how and where the foreclosure will occur. The lender or their representative is responsible for placing (if applicable) the legal advertisement, publication, or notice in the newspaper as it relates to the foreclosure proceeding.
The right of the borrower to redeem ends at the foreclosure sale (or at whatever other time specified by the court). After the sale, the court reviews the sale to ensure that a fair price was paid for the property. It is during this time period (generally 10 days) that parties are allowed to object to the sale on the basis that proper procedures were not followed, or for example, collusion between bidders occurred. If the sale is confirmed without issue, the Certificate of Sale is filed and title passes. Another sale is ordered if the sale can not be confirmed. (Reference F.S. Chapter 702)
The lender may sue to obtain a deficiency judgment in Florida under a separate lawsuit. The lender has four (4) years from the date of sale to file such a suit.
1 A borrower’s right to reacquire property lost due to a foreclosure.
2 A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.
Search for Florida Foreclosed Homes