Feeling like you are about to lose your home can be a gut- wrenching experience. Foreclosure proceedings can come about for many reasons and cause your family hardship. If this sounds like you, you are not alone. Florida has the highest number of foreclosures as well as the highest number of backlogged foreclosures out of any state in the U.S. Luckily, there are some options available for homeowners. Here, we explain the foreclosure process in Florida, and your rights as a homeowner during the foreclosure process.

Florida’s Foreclosure Process

In the state of Florida, foreclosures are judicial and go through state court proceedings. The process begins with the lender filing a lawsuit with the Florida state court. At that point, you will be served a summons. Once you have been served a summons or complaint, you will have 20 days to respond to the complaint. From there, the Florida courts will enter a final judgment of foreclosure. After that point, the foreclosure sale will take place after time specified by the court after the judgment has been finalized (usually 20 to 35 days). The home is then sold in a public foreclosure sale. Until the final judgement is made, you are still the lawful owner of the home and will be able to stay in the home.

Right to Reinstate in Florida

Reinstating a mortgage is when the homeowner can catch up on the payments before the foreclosure. Reinstatement involves requesting a quote from the bank that will state the total amount due including late fees, late payments, their legal fees for any foreclosure actions filed or any other fees that the bank may have incurred because of the situation. The quote will also state the time that the amount must be paid to reinstate.

Right to reinstate before the foreclosure sale is not part of Florida law, but many times the mortgage contract will have a reinstatement guideline. Sometimes institutions will also make reinstatement arrangements even if it was not part of the contract. To attempt to reinstate the loan, you will need to contact your financial institution.

Right of Redemption in Florida

Redemption allows the homeowner to repurchase their home after the foreclosure. In Florida, this time will usually be stated in the final judgement, if not the home can still be redeemed anytime before the court files the certificate of sale.

Florida’s House Bill 87

The typical foreclosure process can take anywhere up to six or seven months. The process can sometimes take even longer if you contest the foreclosure, ask for delays in your hearings or file for bankruptcy. Florida has been known for having one of the longest foreclosure processes because of the amount of foreclosures and lack of resources to handle them in the state. Adjustments were recently made to Florida’s foreclosure laws to speed up the foreclosure process. These changes are due to the Florida House Bill 87 which was put in place to try and help with Florida’s foreclosure backlog issues since the financial crisis in 2008. The bill allows the courts to expedite the foreclosure process when the homeowner does not contest the foreclosure, does not appear at the hearing or loses the hearing. When this happens, the courts can expedite the foreclosure process. The bill also makes foreclosure judgements in Florida final after the lender has transferred the property to a new owner.

Sell your Home to Avoid Foreclosure

Many people choose to avoid foreclosure at all costs. Not only is the process harmful to your credit, but the bank can also come after you if the debt you owe is more than what they can recuperate in the foreclosure sale.  Usually, working with your lender is the best course of action, but you do have a right to sell the home quickly to avoid the foreclosure. You don’t have to feel like a foreclosure is your only option, but you do have to act fast to keep Florida’s expedited proceedings at bay.

We Buy Ugly Houses can help you avoid foreclosure and has dealt with similar situations. We handle these situations with the care and empathy you deserve. When you deal with us, we pay cash for your home and close fast which saves you time in dealing with any legal battles. Call us today for a no obligation quote.