What are the Foreclosure Laws in Florida?
Foreclosure laws vary by state, so if you’re a Florida homeowner, it’s important to partner with a trusted foreclosure defense lawyer who is a member of the Florida Bar and has extensive experience fighting and defeating Goliath banking institutions like the one you’re up against.
In Florida, like elsewhere in the country, if you take out a loan to purchase a home, you will sign a promissory note and a mortgage. These two documents will detail your obligation to repay the loan and spell out what will happen if you don’t make your mortgage payments on time.
Steps in a Florida foreclosure
Falling behind on your mortgage is by no means a guarantee of foreclosure – federal law requires the servicer to wait more than four months (or 120 days) of being delinquent on payments before beginning a foreclosure, but your lender will most certainly be in contact with you prior to the end of those four months.
Among the first documents you will receive if you miss a payment is a breach letter, which lets you know you are in default on your loan. If you are unable to catch up with your loan or other modifications are not made, you may receive a lis pendens. This is the official notice, put on public record, that a lawsuit has been filed and a claim will be put on your property. If you receive a lis pendens, you have only 20 days to respond or else you will waive your right to fight the foreclosure.
Because foreclosures in Florida are judicial, it’s imperative to take these notices seriously and act timely so you don’t end up waiving important rights.
Depending on the court’s final judgment, the sale of property may be set for not less than 20 days or more than 35 days after the date of final judgment according to Fla. Stat. § 45.031.
If you find yourself facing foreclosure on your Florida home, know that you have options, and we are here to help. Our team of experienced trial lawyers at Jacobs Legal will get to work putting up powerful defenses to push back against your bank. Don’t just roll over and let the bank take your home. Get in touch with us at Jacobs Legal right away.