Florida Foreclosure Laws

Summary:

Judicial Foreclosure:

Yes

Non-Judicial Foreclosure :

No

SecurityInstruments:

Mortgage

Right of Redemption:

Yes, until the court confirms the sale of the foreclosure.

Deficiency Judgments:

Yes

Time Frame:

Usually 6 - 7 months

Judicial foreclosure in Florida is completely controlled by the court. The lender sues the property owner and obtains an order to foreclose. The court then defines the procedure to be followed. It is not required by state law that the lenders notify the homeowner
of the foreclosure; so, the court may or may not order that the notice of sale be published in a newspaper. If so ordered, it is the responsibility of the lender to place the notice for publication on the terms ordered by the court.

Rights of Redemption : The sale generally ends any equitable right of redemption; however, the court may extend the time for redemption, but rarely does so. In fact, there is a period following the sale during which the court reviews the sale to ensure a fair
price has been paid and also to allow for any party to dispute the sale. This usually takes about 10 days, and right of redemption
remains in effect until court confirmation of the sale.

Should the court, for any reason, not confirm the sale, another sale is then ordered.

The lender may sue for a deficiency judgment in Florida.

*This information pertains only to the state of Florida. To obtain information from your specific state please go to foreclosurelaw.org.