There are various types of financial hardships that may lead a homeowner to foreclosure, including things like medical problems and job losses. But foreclosure isn’t actually a singular process.
Although most people don’t realize it, different types of foreclosure actions are used in different jurisdictions. This can be confusing if you happen to be an out-of-state transplant here in Florida.
Here’s how foreclosure works in Florida
Florida is a mortgage-only state, which means that it follows the judicial foreclosure doctrine.
Here’s how the process generally works: Lenders file lawsuits against their borrowers who have fallen behind in making mortgage payments in civil court. The borrower then receives a formal summons and foreclosure complaint. The lender then places a lien (a lis pendens) on the property, which details the foreclosure action. The court will usually then grant a judgment authorizing a lender to conduct a foreclosure auction as the next step in the foreclosure process.
Owners generally have up to the moment of sale to stop a foreclosure proceeding. They can do so by repaying what they owe. The foreclosure process can last between four and eight months unless legal objections arise.
Steps you should take if you’re facing foreclosure
Life events may occur that push you to the brink. You may feel like you have no option for saving your home from foreclosure only because you don’t know about your options. Your home isn’t gone just because you receive a letting in the mail telling you that your lender has initiated foreclosure proceedings. An attorney can detail the options you can pursue to avoid potentially losing your home. If you’re facing foreclosure, take action today.