State Foreclosure Laws

Summary:

Judicial foreclosure in Florida is completely controlled by the court. The lender sues and obtains an order to foreclose. The court then defines the procedure to be followed. The court may or may not order that the notice of sale be published in a newspaper. If so ordered, it is the responsibility to place the notice for publication on the terms ordered by the court.

The sale technically ends any equitable right of redemption; however the court may extend the time for redemption, but rarely does so. In fact, there is a period following the sale during which the court reviews the sale to ensure a fair price has been paid. This usually takes about 10 days, and right of redemption remains in effect until court confirmation of the sale.

Should the court, for any reason, not confirm the sale, another sale is ordered.

The lender may also sue for a deficiency judgment.

Links:

• HB 643 Deceptive and Unfair Trade Practices Act - Section 501. 1377 Foreclosure Rescue Consultants-
  Will repeal the old FS 501.2078 - "Foreclosure-related rescue services"
  
  
• 50.031  Newspapers in which legal notices and process may be published
  Law which regulates how an auction must be made public notice.
  
  
• 55.10  Judgments, orders, and decrees; lien of all, generally; extension of liens; transfer of liens to other security
  Law which regulates when a judgment to foreclosure is considered legal.
  
  
• 55.145  Discharge of judgments in bankruptcy
  Law which regulates the cancellation of a judgment.
  
  
• 56.21  Execution sales; notice
  Law which regulates a public notice of an auction must be published in a newspaper.
  
  
• 56.27  Executions; payment of money collected
  Law which regulates the proceeds of a sale.
  
  
• 702.06 Deficiency decree; common-law suit to recover deficiency
  Law which regulates the court to decide to pursue an entry of deficiency or a judgment of default.
  
  
• 702.65 Final Judgement in uncontested proceedings where deficiency Judgement waived; attorney's fees when default Judgement entered
  Law which regulates the court to enter a final judgment and includes fees, when foreclosure is not contested.
  
  
• 702.10 Order to show cause; entry of final Judgement of foreclosure; payment during foreclosure
  
  
• Florida State Statutes