Posted On: April 20, 2010
Jacksonville Foreclosure Lawyer Outlines Florida Foreclosure Process
In Florida, a foreclosure is initiated when a lender (bank or mortgage servicer) files a lawsuit against a borrower. The lender must notify the borrower that a suit has been filed. If a borrower does not respond within a certain period of time, the borrower can be found in default and the lender can petition the court for a final judgment against the borrower. If the court rules in the lender’s favor, a foreclosure sale date is set and the total amount owed to the lender is determined.While, by state law, a lender is not required to notify a borrower before starting the foreclosure process, a borrower’s mortgage or deed of trust may specify this. A borrower can stop the foreclosure up until the foreclosure sale date by paying the total amount due to the lender.
Because of the vast number of foreclosure lawsuits in Florida, the state courts acted last year to streamline the Florida foreclosure process by requiring that all residential foreclosure properties go through mediation. Borrowers and lenders must participate in mediation in an attempt to settle the foreclosure action; this mediation service is provided for free.
If you are a Florida homeowner facing possible foreclosure and need to know about all your options, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
