Florida Foreclosure Laws

Florida foreclosure laws follow the alien theory state, which means all foreclosures have to follow the judicial foreclosure method. Because of the judicial foreclosure method, the fate of defaulted properties is decided through court action, unlike in the title theory state where no court hearings are generally required. In Florida, it takes around 200 days for the foreclosure to take full effect. However, the process in which the foreclosure takes effect in Florida is quite simple, despite the required court hearings.

In case of Florida foreclosed homes, it is the Circuit Court that has the jurisdiction over the foreclosed properties. It is this court that has the final say on the case. Complainants must file a lis pendens, a document that has contains the public notice regarding the foreclosed property, in the Circuit Court. When the default is established, the property is then sold in a publicly announced sale. This is, of course, if the borrower does not file any contention regarding the foreclosure.

Generally, the borrower can still redeem the property foreclosed. Florida foreclosure laws have a clause on redemption rights for borrowers. As long as the borrower pays the remaining debt as well as some additional costs incurred due to the default, the property can be redeemed. However, this window for redemption is rather short and is only provided once-miss it and the property can no longer be redeemed.

Lastly, as stated in the Florida foreclosure laws, borrowers still have a responsibility regarding his debt if there is still a difference between the original price of the property and the amount in which the foreclosed property was sold. This is called a deficiency judgment, and it gives the borrower the right to go after the borrower if his or her debt was not fully paid even after the sale of the foreclosed property.