Florida Foreclosure Process

The Florida foreclosure process works by the lender initiating through the courts a notice of default stating that you have missed the payments on your mortgage agreement. Initiating this foreclosure means that the bank is requesting to go after the property so they can sell it and recover the asset so they can sell it and recover as much of the loan as possible. If the borrower doesn’t pay the mortgage then the home will be sold at an auction.

The Florida foreclosure process can take up to 1 year to finalize and be entirely complete. However, because of the large number of foreclosures across the nation the banks are quicker with the process and it can be complete within 6 months. You should never assume you have a year. Pay attention to the statements you receive in the mail to know how long you have. The date listed on the intent to sell statement is the date the home will be sold at the auction. This is the date you should be moved out of the home by.

The Florida foreclosure process is complete when the home sells at the public auction or the bank takes over the home. It can be complete or stopped by you if you choose to get caught up on your payments or you make a deal with the lender. However, the foreclosure process can be reinitiated if you fail to follow through with the agreement to stop the foreclosure. Also, it is common for a foreclosure to appear on your credit if you are months and months behind on your mortgage and the home is scheduled for sale. You will have to work with the lender to get this removed from your credit if you get caught up with your payments. It is best never to allow yourself to get behind on your mortgage payments.

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