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Foreclosure process in Florida (FL)

Topic: Foreclosure

Florida is a judicial state, so therefore the court carries out the proceedings. The foreclosure process in this state takes around 5 months.

The foreclosure process begins by a court action being filed by the lender and a notice of pending lawsuit recorded. The borrower is notified by mail, or person, by the lender. The court can make a final ruling that the borrower is in default, if the borrower does not respond by a certain time. The total amount owed by the borrower to the lender, and the sale date, can be ruled by the court against the borrower. Under this state law, the lender is not required to notify the borrower before beginning the foreclosure process. The mortgage or Deed of Trust may stipulate this though. If the borrower can pay the total amount to the lender, even up to the sale date, he/she can stop the foreclosure. After a court ruling, the sale date occurs generally around 20-35 days after. The notice is published with the time, date, and location of the sale. For two weeks before, the notice of sale is published once a week. The sale is usually overseen by the clerk, and normally takes place at the court house. Whoever makes the winning bid, must provide a 5 % deposit, and be able to pay the remaining balance by the end of that day. If this does not occur, a new sale date is set not less than 20 day later. A certificate of sale is given to the winning bidder.

Ten days after the sale, a transfer of ownership is given to the winning bidder, if there has been no dispute of the sale. Most of the time, the borrower has no right of redemption, once the certificate has been issued to the winning bidder.


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It will be up to the lender, if they will aepcct a deed in Lieu of foreclosure. It is really considered a last resort for a homeowner and they should first try to find a foreclosure workout plan that will save there home. If they have no options, a deed in lieu of foreclosure is better on homeowners?? credit reports than seeing the house lost to a sheriff sale and having a full foreclosure reflected on their history. However, it should be noted that the deed in lieu is only one step better than the foreclosure, so it will not do much to improve the credit score. It??s main benefit will be to prevent the worst of the credit damage that foreclosure can cause.There are 4 main conditions for a lender to consider a deed in lieu of foreclosure:1. Foreclosure is imminent and unavoidable2. The borrower is unable to sell the property3. There should be no other liens or attachments to the property4. The property needs to be left in broom clean conditionsReally with all the foreclosure solutions available to homeowners a deed in lieu should and can be avoided.References : Was this answer helpful?
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