Florida Foreclosure Laws

by: Barry Johnson

-Judicial Foreclosure Available: Yes

-Non-Judicial Foreclosure Available: No

-Primary Security Instruments: Mortgage

-Timeline: Typically 180 days

- Right of Redemption: Yes (really short time frame though…see below)

-Deficiency Judgments Allowed: Yes

Story continues below…

In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.

The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice.

Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that “the court reviews the sale to ensure a fair price has been paid.

 Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered. (Reference F.S. Chapter 702)

The lender may sue to obtain a deficiency judgment in Florida.

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About Barry Johnson

Barry Johnson is a Co-Editor and writer for iNews. He takes a "no holds barred" writing approach to all of the subjects he covers. Opinionated, and with a well established sense of right and wrong, you can always count on him to tell it like it is. He gets his core values from growing up in the South, where God and Country are the prevailing themes. You may not like what he has to say, but know that he believes in it to his very core. As an editor, he will stand by each writer in their decision to take on controversial subjects and allow them to tell the story in their own unique ways.
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