Florida is strictly a judicial state and therefore the foreclosure proceeding will be carried out by the courts. The time line of foreclosure in this state is typically 180 days.
However, we have many members in our forumÂ and who have emailedÂ LoanSafe.orgÂ to inform us that they have been able to extend this period for up to a year or more. Many are in the process of a loan modification or short sale. It seems like the homeowners who do not look for help or bury their heads in the sand willÂ see foreclosure happen much quicker thanÂ their Florida neighborsÂ who are attempting to save thier homes.
In Florida the foreclosure process will start with a court action filed by your mortgage servicer and also recorded will be a notice of pending lawsuit. You will be notified of this via mail, person, or by your servicer. A final ruling will be made by the court if the homeowner does not respond in a certain length of time. The total amount a homeowner owes to their lender, and the date of sale may be ruled by the courts against the homeowner.
Under the state law of Florida, the mortgage servicer does not have to notify the homeowner before the foreclosure process begins. In some cases the deed of trust or actual mortgage may be required to do this though. If a homeowner can somehow can up with the amount they owe to their lender, even up to the date of sale, the borrower will be able to stop the foreclosure from taking place.
The actual sale date of the home usually occurs about 20-35 days after a court ruling. The notice of sale will be published in the local newspaper with the date, location, and time that the sale is taking place. This notice will be published in the newspaper once a week, for two weeks before the actual sale date.
The sale of the home will usually take place in the court house, and will be overseen by the clerk. A 5 percent deposit must be provided by whomever makes the winning bid, and must be able to provide the remaining by end of day.Â A new sale date will be set about 20 days in advance if this does not take place. The winning bidder will then be rewarded a certificate of sale.
A transfer of ownership will be handed to the winning bidder if no dispute of the sale has occured. once the certificate has been issued to the winning bidder more than likely the borrower will have no right of redemption.