Florida Foreclosure Laws

Attorney General's Office

The Capitol
Tallahassee, FL 32399-1050
Ph: (904) 488-2526
Fax:(904) 488-5106

Foreclosure Laws in Florida

Judicial Foreclosure: Yes
Non-Judicial Foreclosure: No
Security Instruments: Mortgage
Right of Redemption: No
Deficiency Judgments: Yes
Time Frame: 6-9 Months
Public Notice: Complaint

Judicial foreclosure: In Florida is completely controlled by the court. The lender sues and obtains an order to foreclose. The court then defines the procedure to be followed. The court may or may not order that the notice of sale be published in a newspaper. If so ordered, it is the responsibility to place the notice for publication on the terms ordered by the court.

The Sale: Technically ends any equitable right of redemption; however the court may extend the time for redemption, but rarely does so. In fact, there is a period following the sale during which the court reviews the sale to ensure a fair price has been paid. This usually takes about 10 days, and right of redemption remains in effect until court confirmation of the sale.

Should the court, for any reason, not confirm the sale, another sale is ordered.

The lender may also sue for a deficiency judgment.

Laws:

• HB 643 Deceptive and Unfair Trade Practices Act - Section 501. 1377 Foreclosure Rescue Consultants
  Will repeal the old FS 501.2078 - "Foreclosure-related rescue services

• Section 50.031 Newspapers in which legal notices and process may be published
  Law which regulates how an auction must be made public notice.

• Section 55.10 Judgments, orders, and decrees; lien of all, generally; extension of liens; transfer of liens to other security
  Law which regulates when a judgment to foreclosure is considered legal.

• Section 55.145 Discharge of judgments in bankruptcy
  Law which regulates the cancellation of a judgment.

• Section 56.21 Execution sales; notice
  Law which regulates a public notice of an auction must be published in a newspaper.

• Section 56.27 Executions; payment of money collected
  Law which regulates the proceeds of a sale.

• Section 702.06 Deficiency decree; common-law suit to recover deficiency
  Law which regulates the court to decide to pursue an entry of deficiency or a judgment of default.

• Section 702.065 Final Judgement in uncontested proceedings where deficiency Judgement waived; attorney's fees when default Judgement entered
  Law which regulates the court to enter a final judgment and includes fees, when foreclosure is not contested.

• Section 702.10 Order to show cause; entry of final Judgement of foreclosure; payment during foreclosure

• Florida State Statutes