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Florida Foreclosure Laws

Florida Foreclosure Information on the laws of foreclosure is very useful whether you are having this problem or not. Foreclosure information will surely help you in finding the ways to prevent it and managing your Home Mortgage Loans more accurately.

FL Foreclosure Laws: Overview

In Florida only judicial foreclosure is there with the time line of 180 days. According to the foreclosure laws in Florida there also exist the right of redemption that ends at the foreclosure sale. According to the law, there is also the provision for deficiency judgment. The Florida foreclosure process begins with the lender's filing lawsuit against the defaulter which is called Lis Pendens. Now after getting the notice of foreclosure if the homeowner reacts and file documents in the court then the proceedings can take another turn but if nothing of this kind is done by the homeowner then the court will order for the foreclosure auction in which the sale of the foreclosed home will take place. Now this is the time when the homeowner must react quickly to protect the home. You can hire a foreclosure attorney for this who can guide you and attorney can also present your legal claims in the court.

Florida Foreclosure Sale Procedure

But in case court has ordered the auction of the foreclosure home then the notice of sale is given. The date of the sale for foreclosure home varies according to the court but it generally takes 20-35 days after the judgment of the court. Then the notice of sale is issued by the court's clerk stating the date, time and location of the sale. This notice will also contain the contact information regarding the person who will handle the real estate/property. Then the address and legal description related to the property is also given. Any legal advertisement, notice etc are published, advertised by the lender from time to time.

The sale of the foreclosed home takes place at the Courthouse of the county and generally at 11:00 AM. Further according to the foreclosure process in Florida the highest bidder will own the property and needs to give 5 percent amount as a deposit and the remaining amount is paid at the end of the day. But if no sale takes place then the next auction is scheduled atleast 20 days later to the former. The according to the procedure of foreclosure and FL foreclosure law, the clerk will issue the certificate of the sale to the new owner within 10 days.

Now if the property is sold at less price than owed then the mortgage lender will call for the deficiency judgment by filing motion for the deficiency. This is filed against the foreclosure sale. But these days number of deficiency judgment is decreasing because of the rise in the real estate values. Now in Florida it is generally the second mortgage and private lenders that suffer from deficiency judgment more than the first time mortgage lender.
United States Foreclosure Law
United States Foreclosure Law explains the process of foreclosure and also gives the Florida Foreclosure Law summary.
Online Sunshine
Online Sunshine has the complete information regarding the foreclosure laws in Florida. You can find out more on foreclosure of mortgage, statuary liens and agreements for deed.
The Wayne Law Group, LLC
The Wayne Law Group, LLC explains the Florida foreclosure process and ways of tackling the worst condition of foreclosure. You can consult this law company that with the help of their expert attorneys will help you in saving your home.

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