Foreclosure Process
This is meant to be a brief overview of the foreclosure process in Florida. None of this should be taken as legal advice nor is this article meant to be a substitute for competent legal counsel.
The following are the steps in a Florida foreclosure. All times are estimates and are not to be relied upon.
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The borrower fails to pay the mortgage for a number of months (usually 3 or more).
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The lender files a Lis Pendens against the borrower.
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The borrower is notified of a court date for a foreclosure hearing. This usually happens 3 to 6 months after the Lis Pendens is filed. The shorter end is of the range is more likely.
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At the foreclosure hearing, the judge sets the sale date for the foreclosure. This is usually 25 to 60 days from the date of the hearing. The minimum time is given if the borrower (or his attorney) do not attend the hearing or contact the court.
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On the date set by the court, the property is sold on the court house steps (come counties are beginning to auction foreclosures online) to the highest bidder, which may be the lien holder. At this point, the property has been foreclosed.
The lender can stop or postpone the foreclosure at any point in the process.
