The most important point to remember when dealing with Florida foreclosure laws is that Florida is considered as a judicial state. Simply put, this means that all foreclosures which occur within the state of Florida has to be decided upon by the courts. Because of this, it normally takes about five to six months before a foreclosure verdict is handed down. Of course, the particulars behind the individual cases are also a factor when it comes to determining the length of time it would take to deal with the foreclosure proceedings.
In order to better understand the Florida foreclosure laws, let us take a look at how the whole process unfolds. Failure to settle the outstanding mortgage for a few months is the normal situation which triggers the initiation of foreclosure. It is standard procedure for the bank or the lending agency to get in touch with the erring payee through a written Notice of Default. Under the Florida foreclosure laws, if the payee still fails to defray the payments that he owes, then the lender is now in the position to file a Lis Pendis in the courthouse to indicate his intention to sue for the money owed to him. Based on this Lis Pendis, the court will then notify the parties involved regarding the upcoming lawsuit. A Notice of Action is then posted in the local papers outlining the particulars regarding the pending legal demand. Once posted, the court proceedings may then be initiated. Once the court decides in favor of the lender, the property owner will be given an additional three to six weeks in order to come up with the full mortgage. This is called the redemption period and it is their final chance to recover their right to their property. Should they still fail to settle, then under the Florida foreclosure laws, the final action is the sheriff’s sale where the foreclosed property is auctioned off to the highest bidder.
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