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Learning Center | Florida Foreclosure Laws

Questions
How are mortgage liens treated in Florida?
How are Florida mortgages foreclosed?
What are the legal instruments that establish a Florida mortgage?
How long does it take to foreclose a property in Florida?
Is there a right of redemption in Florida?
Are deficiency judgments permitted in Florida?
What statutes govern Florida foreclosures?

Answers

How are mortgage liens treated in Florida?

Florida is known as alien theory state where the property acts as security for the underlying loan. The document that places the lien on the property is called amortgage.

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How are Florida mortgages foreclosed?

In Florida, the lenders go to court in what is known as ajudicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. The court with jurisdiction over a foreclosure is known as theCircuit Court. A complaint is filed inCircuit Court along with what is known alis pendens. Alis pendens is a recorded document that provides public notice that the property is being foreclosed upon.

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What are the legal instruments that establish a Florida mortgage?

The documents are known as themortgage,note, and in a commercial transaction, asecurity agreement. Sometimes the mortgage document is combined with thesecurity agreement. Amortgage is filed to evidence the underlying debt and terms of repayment, which is set forth in thenote.

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How long does it take to foreclose a property in Florida?

Depending on the court schedule, it usually takes approximately 180-200 days to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files forbankruptcy.

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Is there a right of redemption in Florida?

Florida has astatutory right of redemption, which allows a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. There is a time limit to undertake such redemption.

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Are deficiency judgments permitted in Florida?

Yes, adeficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan.

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What statutes govern Florida foreclosures?

The laws that govern Florida foreclosures are found inF.S. 702.01 et. seq. To view these statutes on the Web, you can visit:

http://www.leg.state.fl.us

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