Frequently Asked Questions regarding Foreclosure in Florida

What is foreclosure?

• Foreclosure is the process a lender must go through to take back your home. They do this by filing a lawsuit against you in state court.

What is the foreclosure timeline?

• If you miss one mortgage payment, you are in default and you will likely receive a deficiency notice from your lender.
• If you miss several payments, the lender will send you a notice of default which details how much is due and that the foreclosure process will begin if that amount is not paid
• Once you are in default, the lender can begin foreclosure proceedings by filing a “lis pendens”. A Lis Pendens is notice that a lawsuit has been filed.
• After the lis pendens the lawsuit is filed.

What happens if I get served with a foreclosure lawsuit?

• You have 20 days from the date you were served with the foreclosure complaint or lawsuit to file a response. If you believe you have legal defenses or want to save your home, you should contact an attorney.
• If you do not file a response that raises a legal defense, then a foreclosure judgment may be entered after notice and hearing.

What happens if I do nothing after being served with a foreclosure lawsuit?

• If no response is filed, the Plaintiff will eventually file a motion for summary (or final) judgment against you and a hearing will be set on that motion.
• At the hearing, a judgment will be entered and a foreclosure sale date will be set. Usually, the sale date is set approximately one month after the date of this hearing.

How long can I stay in the house if I do nothing?

• If you do not plan on defending the foreclosure lawsuit, you need to immediately explore alternative living arrangements
• If a foreclosure sale date is set, you will have ten (10) calendar days from the date of the sale to vacate the property. At the sale the winning bidder receives a certificate of sale. A certificate of title is issued ten (10) calendar days after the certificate of sale. Any objection to the sale must be filed within this ten (10) day period.
• Although no two foreclosures are the same, in general, the foreclosure process takes approximately four to six months from beginning to end. Of course, this time frame can vary from case to case.

Have additional questions or concerns about a Foreclosure situation or Foreclosure in general? The Law offices of Robert Peters offers a FREE initial consultation designed to give you all the necessary information to make a decision on the best course of action for your particular case.