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Understanding foreclosure in Florida
Foreclosure Process in Florida
A foreclosure proceeding in Florida starts out when a lender files court process and records an acknowledgement of a pending lawsuit (Lis Pendens) against the borrower. The lender advises the borrower or any other involved parties in person or in some cases by mail or publication. If the borrower does not answer the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a definitive ruling. If the court rules against the borrower, the ruling will take the total amount owed to the lender and the foreclosure sale date.
It is not mandatory for the lender by law to advise the borrower beforehand. The borrower can prevent the foreclosure up until the date of the sale by paying the total amount owed to the lender.
The sale date is generally 20-35 days after the courtroom ruling, but this may differ depending on the individual court. The clerk of court issues a notice of sale containing the location, date, and time of the sale. The notification is typically printed once a week for two weeks, with the second notice appearing at least five days before the sale.
The clerk of court commonly manages the sale, which usually occurs at the county courthouse. The winning bidder must render a deposit and pay the remaining balance by the end of the business day or a new sale will be scheduled at a later date. Afterwards with a successful sale, the clerk gives certification of sale to the winning bidder. Approximately two weeks of that sale, the clerk conveys ownership and if no one challenges the sale then the transaction is complete. In almost all cases after the foreclosure proceedings are finished he or she has no right of redemption.
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Date: Wednesday, May, 13th 2009 @ 04:31:14 PMViews: 321
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