Florida Foreclosure Law
In Florida, all mortgages must be foreclosed in the context of a judicial proceeding. This is one advantage over states, such as Georgia, which allow for non-judicial foreclosure.
Essentially, the lender seeking to foreclose, must file a foreclosure action in state court, which action will be adjudicated by the judge (without a jury trial). The lender will try to show that the borrower is in default, and that the foreclosure is therefore necessary under Florida equity law. If the lender prevails, the court will then issue an order as to how the foreclosure will take place, which generally requires the lender to place some type of advertisement, publication or notice.
Prior to the actual sale, the homeowner has an "equitable right of redemption" which means that you can stop the foreclosure by paying the amount due. This right is extinguished upon the actual foreclosure sale, thus, again, time is of the essence.
You may have a number of remedies available to you to stop a foreclosure and even to alter the terms of your loan both within and outside of bankruptcy protection. Again, however, the law in this area is highly technical and consists of many overlapping statutes.
If you are facing foreclosure in Florida, and wish to save your home, it is advisable to contact an attorney knowledgeable in foreclosure law. For a free consultation regarding a threatened foreclosure, please fill in the information to the left and click submit.
Warning: When adversarial proceedings, such as foreclosure, have commenced, your bank has opposing interests to you, and it is unwise to accept advice from the opposing party in a legal proceeding or a threatened legal proceeding as they may not have your best interests at heart. Click here for a summary of the legal problems facing many banks and why they may have ulterior motives for their actions against you.
Click here for a more detailed Florida Foreclosure Timeline