Want to Learn More?
Drop us a line. We'd love to hear from you!
A Quick Guide to the Laws of Foreclosure in Florida
Florida is a lien theory state, which means the property acts as security for the underlying mortgage loan.
The legal instruments that establish a Florida mortgage are called a mortgage, a note or a security agreement depending on the kind of property in question. Some properties may be encumbered with a mortgage and a security agreement, as is common in commercial real estate.
Florida is a judicial foreclosure state, which means lenders must go to court to issue a final judgement of foreclosure. The foreclosed property is then sold in a publicly advertised foreclosure sale. A complaint is filed in court along with a lis pendens, a recorded document that provides public notice of the foreclosure.
Uncontested foreclosures generally take between 180 and 200 days to effectuate. Florida has a statutory right of redemption, which allows a person to reclaim their foreclosed property if they pay the sum of the loan, plus costs, within a predetermined period of time.
Deficiency judgements are permitted in Florida. A deficiency judgement is a judgement placed on the former owner when their foreclosed property does not cover the amount owed on the loan.
The laws of foreclosure in Florida are found in F.S. 702.01 et. seq.
Let AADS Simplify the Due Diligence Process
All American Document Services is the trusted due diligence partner for lenders and foreclosure law firms across Florida, Georgia and North Carolina.
We provide on-site search and retrieval of all business, real property, tax, and legal documents in 48-72 hours, though most searches are completed within 24 hours. We also fulfill priority and rush requests, and same-day document retrieval, filing and recording in some counties.
To learn more about what makes us different from other Florida due diligence providers, check out our AADS Advantage page.
If you’re ready to get started, Place Your Order today!
Leave a Reply
Jun 24, 2019
When you order Georgia title searches, you will receive all information pertinent to the deed and mortgage on a property. What you won’t see are ...READ MORE
Jun 07, 2019
Filing corporate documents takes time and involves key members of your team. Making errors in your corporate filing not only wastes time and limits the ...READ MORE
May 22, 2019
Whether you’re filing with the state to conduct a merger or acquisition or to incorporate an LLC in the state of Florida, you need to ...READ MORE