Understanding The Florida Real Estate Foreclosure Process
Usually, understanding the Florida real estate foreclosure process involves knowing that when you miss a payment or two, the lender sends a legal notice that you are in the foreclosure process. After the notice you will have some time to catch up, if you can't do that, the lender will pursue Florida real estate foreclosure through judicial or non-judicial means. Then, there will be the auction. Sometimes a short redemption period will follow the auction.
The first thing that you need to understand about Florida real estate foreclosure process is that it is a judicial foreclosure. This means that Florida real estate foreclosure properties can only take place if the lender files suit in a Florida court.
The Florida real estate foreclosure process is that they do not have the mandatory "grace period" that will allow the homeowner to catch up.
Another fact of the Florida real estate foreclosure process is that the primary borrower is the only person that has to be notified of the sale, any co-borrowers won't be noticed. The primary borrower will be able to stop the foreclosure up to the actual time of the sale.
Once the sale does take place, the lender must go back and notify the ordering court that the property has been sold. The redemption period in the state of Florida is the time between the sale and the time the court takes notice of the sale.
There is one important understanding about Florida real estate foreclosure in Florida courts: it is impossible to get an injunction against the sale from the court. The sale can only be set aside if there was some kind of error made in the foreclosure procedure. It can't be set aside for a low selling price.
If the auction price is less than the homeowner owes, the lender can file for a deficiency judgment which means that the ex-homeowner now owes the lender the difference.
Understanding Florida real estate foreclosure means that you know the nuances that are particular to the sunshine state's laws.