Common Foreclosure Questions

Foreclosure in florida


407Foreclosure help has been helping families and individuals stop or avoid foreclosure in Florida for over 10 years. We have the knowledge and resources to best help you with your situation. Read below on some of the common questions we hear every day. Have a question we didn’t address? Send us a message here and a foreclosure professional will be in touch with you within 24 hours.

  1. How are mortgage liens treated in Florida?

In Florida, the property acts as a security for the underlying loan and the document that places the lien on the property is called a mortgage. This is known as a lien theory state.

  1. How does foreclosure work in Florida?

In Florida, it is known as a judicial foreclosure proceeding as the lender must go to court and there a final judgment is issued and decided upon. If the property is lost it is sold in what is called a publicly noticed sale, or auction. The court that has jurisdiction over a foreclosure is known as the Circuit Court. A lis pendens is filed in Circuit Court which is a complaint that provides public notice the property is being foreclosed on.

  1. What established a Florida Mortgage?

The documents used are the mortgage, note, and in a commercial transaction, a security agreement. Sometimes the mortgage document is combined with the security agreement. The mortgage is set to make sure the debt is properly documented and sets the terms of repayment which is also set forth in the note.

  1. How long does it take to foreclose a property in Florida?

Usually, an uncontested foreclosure takes about 180-200 days to complete. This is dependent on the court's schedule and if the borrower contests the action, seeks delays to the hearing, or files for bankruptcy this can be even longer.

  1. Are deficiency judgments permitted in Florida?

Yes, a deficiency judgment may be obtained when a property in foreclosure is sold at a public sale less than the loan amount. This means that while the amount the property sold at the borrower no longer has to pay, they are responsible for paying back the lender the difference in the original loan agreement and auction sale price.

Hundreds of families face foreclosure in Florida every month. Being aware of your options is your best defense and can help save your home from foreclosure in Florida. Get in contact with us here or give us a call to learn how we can help you stop or avoid foreclosure in Florida.

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