Florida Foreclosure
In a Florida foreclosure, the judicial process is used. Non-judicial foreclosure is not available. This means that power of sale clauses are not allowed. The power of sale clause is a clause in the mortgage that spells out the terms of what will happen you default on your loan.
The judicial foreclosure process requires that a judge look at the case. The judge will give you a short period of time(20 days) to dispute the foreclosure. During this period of time, you will also be allowed to cure the default (make up the payments).
The Florida non-judicial process proceeds as follows:
- The lender or trustee must record a notice of sale at the recorder's office of the county where your property is located.
- A certified copy of this notice must be sent within 5 days to anyone mentioned in the mortgage or deed of trust.
- Within 30 days, they must send a certified copy to you, the borrower.
- The notice of default and intent to sell must appear in a newspaper in the same county as your property. It must appear once a week for at least 3 consecutive weeks before the sale. The last ad must appear at least 5 days before the sale is to take place.
Once the process starts, you'll probably have 180 days before your house is sold at auction. However, keep in mind that these figures are only accurate under normal circumstances. In this economy and with the backlog that some Florida counties have accumulated, foreclosures are taking up to a year and longer to complete.
Click here to return from the "florida foreclosure" page to the "foreclosure directory"
|
