Florida Foreclosure Timeline

Florida is Judicial State and the information provided is an approximation of a non-contested foreclosure.

Weeks 1 – 4 : When a borrower defaults by failing to make their scheduled mortgage payment, the lender will launch the collection process.

Weeks 5 – 11 : Once a payment is over 2 months past due, the lender sends the borrower a demand letter pointing out the terms of
the mortgage that have been violated. If the borrower is unable to reinstate the loan within 30 days, then the lender will move
forward with filing for foreclosure on the property.

Weeks 12 – 16 : Typically, if payments go unmade for 90-120 days, the mortgage lender files a suit against the defaulted homeowner
in court, known as a Lis Pendens . The homeowner is notified of the Lis Pendens. If the homeowner does not respond in the specified amount of time, the lender can ask the court to make a ruling allowing them to pursue a foreclosure against the homeowner.

Weeks 17 – 24 : Before the sale can take place, a Notice of Sale is issued and it is also published in a local newspaper, with the last notice appearing no more than 5 days before the sale. The home then is sold at the Sheriff's sale and the borrower will have to vacate the property immediately.

In Florida, the homeowner has until the date of sale to exercise their right of redemption by paying all the back payments of the
unpaid loan plus other fees. Equitable Right of Redemption ends at the foreclosure sale .

Definitions

Default occurs when a debtor has not met his or her legal obligations according to the debt contract, i.e. has not made a scheduled payment, or has violated a condition of the contract/mortgage.

Reinstate is to move the loan status into good standing by paying the past due amount owed on the loan.

Lis Pendens (LP) Latin for "a suit pending," is a written notice that a lawsuit has been filed which concerns the title to real property or some interest in that real property. This gives notice to the homeowner that there is a claim on the property, and it informs the
general public that there is this potential claim against it.

Notice of Sale – If payments are not made, the lender will record a Notice of Sale . This notice will include the time, place, and date
your home will be sold. It must be mailed to you at least 20 days before the date of sale.

Sheriff's sale is an auction sale of property held by the sheriff pursuant to a court order of execution (to seize and sell the property) to satisfy a judgment, after notice to the public.