In Florida, lenders may foreclose on a mortgage
in default by using the judicial foreclosure process.
Judicial Foreclosure
In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure
action, the court severs, for separate trial, all counterclaims against
the foreclosing lender. The foreclosure claim shall, if tried, be tried
to the court without a jury.
The court order of foreclosure will specify how the foreclosure must
take place, and the foreclosure must take place on those terms. Whenever
a legal advertisement, publication, or notice relating to a foreclosure
proceeding is required to be placed in a newspaper, it is the responsibility
of the lender or their representative to place such advertisement, publication,
or notice.
Equitable Right of Redemption ends at
the foreclosure sale (or at another time specified by the courts, but
this rarely happens). There is a period of time after the sale that
"the court reviews the sale to ensure a fair price has been paid."
Basically, this period of time allows parties to object to the sale
on the basis that proper procedures were not followed or collusion existed
between the bidders, for example. This period is usually 10 days,
after which the Certificate of Sale is filed and title passes, if the
sale is confirmed. If the sale is not confirmed, another sale
is ordered. (Reference F.S. Chapter 702)
The lender may sue to obtain a deficiency judgment in Florida.
|
