Florida is a Judicial Foreclosure State.
The mortgage lender is required to file a lawsuit to foreclose its mortgage. The borrower can file defenses to foreclosure, and also file a counterclaim if appropriate.
How long does a Foreclosure take in Florida?
During the last recession, and its denouement, it was not uncommon for South Florida mortgage foreclosure cases to average 3-4 years from filing to foreclosure sale. Now, post recession, the average time may be one year or less. It depends, in part, on whether the case is defended or goes by default.
How to Stop Foreclosure
Modify or reinstate your mortgage – or file Bankruptcy.
Unless a bankruptcy case is filed, or the mortgage is reinstated or modified, final judgment of foreclosure will eventually be entered for the lender. In the judgment the judge will detail the amounts owed to the lender (e.g. principal, interest, late charges, etc.), and schedule the foreclosure sale. Pursuant to Florida law the sale must be scheduled between 20-35 days out from the foreclosure judgment. Unless the borrower is able to refinance (or in some cases reinstate), persuade the judge to reschedule the sale, or file bankruptcy, the property will in fact be sold at public auction on the date set in the judgment. In most cases the lender takes back the property, but in some cases investors purchase the property.
ONCE THE FORECLOSURE SALE IS CONDUCTED IT IS TOO LATE TO SAVE YOUR PROPERTY!
Not even bankruptcy can help. Once the Certificate Of Title is issued to the high bidder you are required to vacate the property. Otherwise the sheriff will remove you from the premises.
DON’T WAIT UNTIL IT IS TOO LATE. We can file your bankruptcy before the foreclosure sale is conducted. The bankruptcy filing STOPS the sale, and gives us the opportunity to save your home!