What is the Foreclosure Process like in the State of Florida?

Although the foreclosure process typically follows a specific legal format, these processes will vary from state to state. The foreclosure process happens fairly quickly in Florida. In fact, it can transpire in as little as 37 days from start to finish. What is significant is that mortgage companies in Florida are not required to foreclose on a home by taking the issue to a court of law. All they need is to give you written notice that they are starting the foreclosure process then place a 4-week advertisement announcing that they are foreclosing on you.

These announcements must be published in your county’s legal newspaper. Be aware that once that 4-week time period has expired, your lender can literally sell your home on the steps of the local courthouse and you will no longer own it. Despite the fact that this may appear to be an unethical way of foreclosing on your home, Florida law was specifically written so that lenders can proceed in this fashion.

You should also be aware that when you are dealing with a lender and purchasing a home, part of the paperwork contains language making it very explicit that you give that lender permission to foreclose on your home by employing the aforementioned expedited notice procedure. Another aspect of the foreclosure process in the state of Florida that you need to be aware of is that foreclosure sales only occur on the first Tuesday of each month.

Additionally, if you have both a 1st and 2nd mortgage on your home, the lender on either one can begin foreclosure proceedings. You also want to be aware of the fact that 2nd mortgage lenders tend to be considerably more aggressive toward the homeowner that has become delinquent in their payments. This is primarily due to fact that housing values are usually lower than the amount owed in this current market and the 2nd mortgage lender will only receive payments once the 1st mortgage has been satisfied.

If you find yourself in this position, Clark & Washington can help you and stop the foreclosure process. Our firm typically files dozens of Chapter 13 bankruptcy cases before the first Tuesday of each month, or “foreclosure Tuesday” as it is known by here at Clark & Washington. Another positive note about our firm and our services is that we never charge you for coming into the office and speaking with an attorney or for assistance over the telephone, unlike many other Florida bankruptcy firms.