Florida Foreclosure - How Long Does it Take?

Florida Foreclosure - How Long Does It Take?

Because Florida’s a judicial state the preclosure process is carried out in a court proceeding. A Florida foreclosure usually takes about 5 months, so this gives you about 5 months fo find ways to pay up the loan and to save your property from foreclosure.

During the process the lender is going to file legal action with the court and then the court is going to issue the pending law suit to you, the home owner. As the borrower, you’ll receive a notice about the pending lawsuit via a person or process server or mail by the company holding your loan.

Don’t ever ignore it once you get it because if you don’t respond to this notice in a certain amount of time the court can and will make a ruling, you’re in default, then you’ll owe the total sum of the loan and the court can set a sale date of your property. Be sure to look at when you received the notice, you have 30 days past this date you’re in danger and you have 180 days to save your property from foreclosure.

The law in regards to Florida foreclosure process doesn’t mandate that anyone tell you about it so if you don’t make yourself aware of how far behind you are in your mortgage payments you can lose your home without ever knowing about the impending Florida foreclosure. If you’re wanting to save your property from foreclosure you will find ways to act right now and start paying the bank the whole amount that you owe.

If you get creative, you can find a way to save the property from being sold as you have twenty to thirty-five days after the court has made the decision. The sale date can still be changed but it will depend on the courts calendar and the time and locality of the auction. The date of the sale is published once a week starting 2 weeks out from the sale date.

Besides what is mentioned above you really do have time to save your property from a Florida foreclosure because in Florida you have the right to dispute this upcoming sale up to ten days before the person who won the bid receives the transfer of the ownership of the property which happens 10 days after the sale. But, if a dispute isn’t possible then you no longer have any right of redemption after the certificate is giving to the winning bidder.

Originally posted 2009-06-27 08:22:38. Republished by Old Post Promoter