Florida Foreclosure Laws

Florida is a state with the highest rates of foreclosure in the country. As a result it is imperative that you understand the basic laws with regards to the process here.

Non-judicial foreclosure is not an accepted method for the process in the state of Florida. The only method that is legal to handle a foreclosure here is the standard judicial process of foreclosure. The courts and the legal system here also do not recognize the Deed of Trust and as a result the standard mortgage is the only thing that may be used as a primary security instrument here in this state.

The turnaround time for a foreclosure to complete in this state is 180 days. This is longer than almost every other state in the country giving the people six months, about half of a year to make it through the foreclosure process.

The laws there do allow for the both the right of redemption and deficiency judgments. What this means is that should your property be foreclosed upon you have the legal right ot re-purchase it but you also can be held liable for any amount between the amount it sells for and the amount that you still owe on the loan at the time of foreclosure.

Once a borrower has been served with notice from the lender they have to come to court to defend their rights. The lender will attempt to show that the borrower has violated the states equity laws.

The lender has 4 years from the date of foreclosure to file a suit for a deficiency judgment.

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