Brief Overview of Florida's Foreclosure Process
Florida is a judicial foreclosure jurisdiction; this means that all foreclosures must use the court system for processing. Since banks differ and the courts are involved, the foreclosure process time line varies from case to case.
The following is a simplified illustration:
Steps of the Foreclosure Process
The first steps fall under the pre-foreclosure period. The mortgage holder is late or fails to make payments in accordance with the note and mortgage.
Notice of Default
The Notice of Default is a written notice sent to the mortgage holder by the mortgage lender. It will state how much money is owed and how late the payment is. A Notice of Default will state what you need to do in order to become current on your payments (cure the default) and prevent the filing of a foreclosure suit.
Lis Pendens
LisPendens is Latin for "suit pending." This term refers to any pending lawsuit affecting title of the mortgaged property.
Service of Process
Complaint is served on homeowner by actual service or through constructive service (publication in a newspaper).
The Foreclosure Action
A foreclosure action is a lawsuit which must be filed in the county where the property is located. The action is then set for trial. Most Foreclosure Actions, however are disposed of by summary judgment.
Redemption
At any time before the auction of the property, the mortgagor (homeowner) holder can take back the property if they can pay off the mortgage in full. If the mortgage is paid in full, the proceedings are terminated.
Judicial Sale
The last step of the foreclosure process is the judicial sale. This is where the property is auctioned off to the highest bidder at the county courthouse (often the original lender). Within ten days of the successful sale, the title is transferred to the winning bidder.
