Free Florida foreclosure info

This free Florida foreclosure information should be useful for homeowners and/or home buyers who want to be better informed about the foreclosure process in the state of Florida.

The foreclosure process in Florida is judicial. Judicial foreclosure as opposed to the power of sale foreclosure involves the use of the court system. A typical judicial foreclosure occurs in the following manner:

The homeowner falls behind on the mortgage. Although the lender can begin the process when the loan is late by 60 days, usually, the lender will wait until the loan is 90 days late or more. The lender will begin the foreclosure process by filing a "Lis Pendens" at the county courthouse. This is a notice of pending litigation. The lender becomes the Plaintiff and the homeowner(s) and others who hold interest in the property become the Defendants.

The lender or its attorney will hire a Process Server who will will bring a copy of the complaint, Lis Pendens and a copy of the mortgage to the homeowner at the property. This is called serving the Defendants. If the Process Server cannot find the defendants (ie homeowners), then the lender must place an ad in a newspaper circulating in the County in which the property is located.

The homeowner and other defendants then has 20 days to file an answer to the complaint. This answer either admits or denies the allegations in the complaint. If you file an answer, the judge will set a hearing called: the "motion for final judgment." Please note that by its very nature, filing an answer gives you some additional time. The response should be certified mail, return receipt requested or delivered personally to the courthouse. A copy must also be sent to the lender's attorney. Hold on to the receipts.

At the hearing on a motion for summary final judgment, the judge can either grant the motion or give you more time to correct the default. To correct the default, you will need to pay all the amounts in arrears plus other fees. If you don't go or if the judge finds against you, he will issue a summary final judgment and set a date of sale.

The property is sold for cash to the highest bidder on the sale date at the courthouse auction. If no one bids on the property, the lender will keep it as Real Estate Owned or REO. Ten days after the sale, the clerk will issue a Certificate of Title to the new owner. At this time, the old homeowner will have to move out either on his/her own or through the process of eviction.

Summary: Free Florida Foreclosure info

As mentioned previously, if you want to get as much time as possible in the home, do the following:

1. File an answer when you are served. Follow the format outlined in the notice. Just filing an answer will extend the time of the hearing beyond the standard 20 days listed in the notice.
2. Attend the hearing explain your circumstances and ask for more time. The judge may grant you an additional 60 days. This is on top of the time that will be required to set another hearing.
3. Even after the judge has issued a summary judgment against you, he/she may grant you more time to vacate the property.