Florida foreclosures go through the courts, which usually makes them slower than in trustee-sale states, and lenders can seek a deficiency judgment for any shortfall.
What is different in Florida
- The lender files a lawsuit, and the court must enter a judgment before a public sale, so the process often takes many months.
- Federal rules generally bar starting foreclosure until you are more than 120 days behind.
- Florida allows deficiency judgments, and a lender has a limited time after the sale to seek one.
- Courts often refer cases to mediation, and a modification, short sale or deed in lieu can end the case.
- Condo and HOA associations can also foreclose for unpaid assessments.
Questions
How long do you have to move out after foreclosure in Florida?
After the sale, the court issues a certificate of title, and the new owner can then seek a writ of possession, which usually gives a short notice to leave. See also: Foreclosure and buying again in California.
Do I still owe the bank money after a foreclosure in Florida?
Possibly. Florida allows deficiency judgments for the shortfall, so ask a Florida attorney before the sale, and consider a short sale or deed in lieu that waives it. See also: Foreclosure and buying again in Ohio.
How soon can I buy again after a Florida foreclosure?
The same as anywhere: about three years for FHA, two for VA, seven for conventional, and sooner with some specialty lenders.
Related
- Credit recovery
- Behind on your mortgage: what happens and where to get help
- Home sale proceeds calculator
Foreclosure and buying again in other states: California, Arizona, Ohio. All of Florida: mortgage loans in Florida.
