The key to understanding foreclosure in Florida is that, while the process is similar between states, each state has a unique laws and regulations.
Generally understanding foreclosures involves knowing that when you miss a payment or two, the bank sends a legal notice that you're in the foreclosure process. You then involve some time to have caught up. In the event that you can't do this, the bank pursues foreclosure through judicial or non-judicial means. Then, there is an auction. Sometimes a a quick redemption period follows the auction. The lender then owns the house and if you have not already vacated, you is going to be evicted.
Understanding foreclosure in Florida means to be able to apply these general principles to the precise laws of the sunshine state.
First thing about understanding foreclosure in Florid is it is a judicial state. Meaning that the a foreclosure can just only happen if the lender files suit in a Florida court.
Florida is also different in that they do not have an essential "grace period" to permit the homeowner to have caught up.
Another facet of Florida foreclosure law is that the principal borrower is the only real person that's to be notified of the sale. Any co-borrowers do not get notice.
The borrower has the capacity to stop the foreclosure as much as the particular time of the sale.
Once the sale takes place, the lender must go back and notify the ordering court that the property has been sold. The redemption period in Florida is the time between the sale and the time the court takes notice of the sale.
There's one important understanding about foreclosures in Florida courts: it's impossible to have an injunction contrary to the sale from the court. The sale can just only be put aside if there is one manufactured in the foreclosure procedure. It can not be put aside for a low selling price.
If the cost at auction fetches less compared to the homeowner owes, the lender can declare a deficiency judgment meaning the ex-homeowner now owed the lender the difference.
Understanding foreclosure in Florida implies that you understand the nuances that are particular to the sunshine state's laws.
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