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Foreclosure Laws In Florida

 

Foreclosure laws are different in each state across the US, in Florida foreclosure is controlled through the court only there are no non-judicial foreclosures in Florida. When in court, dealing with a foreclosure, you should hire a skilled foreclosure attorney to help with your case.

In Florida, the property itself is the collateral for the mortgage loan. When a loan is given to the buyer there is a lien placed on the property known as a mortgage. If the terms of the mortgage are not met by the buyer such as, paying monthly payments on time the lender can go to court and ask for a foreclosure on the property, which would give the lender the property for the lien they placed on the property. A real estate attorney will help you determine what to do regarding a foreclosure.

Once the lender has obtained the property through a judicial foreclosure, it is then sold at auction for the lender to receive the money that was given to the original buyer of the mortgage in order for the lender to receive his money from the loan that the buyer was unable to pay.

A foreclosure normally takes between 180 and 200 days depending on the schedule of the court, however, in cases where the foreclosure is contested it can take longer. There are reasons that the homeowner can contest the foreclosure or even file bankruptcy, which will also delay the foreclosure process.

In the state of Florida, there is what is known as “a statutory right of redemption”. This statute allows individuals that have lost their home through foreclosure to reclaim the property. If the property is reclaimed in the allotted time and they making payment in full of the amount of the unpaid loan along with other incurring fees they can own their home, free and clear.

One Foreclosure law in Florida is the deficiency judgment, which can be obtained if a property sold at auction after foreclosure, does not sell for the amount of the remainder of the loan. In this case, the person that lost their home in foreclosure, the originator of the loan, will still be liable for the difference between the amount the property sold for at auction and the amount of the original loan.

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