The key to understanding foreclosure in Florida is that, while the process is similar between states, each state has its own laws and regulations.

In general understanding foreclosures involves knowing that when you miss a payment or two, the bank sends a legal notice that you are in the foreclosure process. Then you have some time to get caught up. If you can't do that, the bank pursues foreclosure through judicial or non-judicial means. Then, there is an auction. Sometimes a a short redemption period follows the auction. The lender then owns the house and if you have not already vacated, you will be evicted.

Understanding foreclosure in Florida means being able to apply these general principles to the specific laws of the sunshine state.

The first thing about understanding foreclosure in Florid is that it is a judicial state. That means that the a foreclosure can only happen if the lender files suit in a Florida court.

Florida is also different in that they do not have a mandatory "grace period" to allow the homeowner to get caught up.

Another facet of Florida foreclosure law is that the primary borrower is the only person that has to be notified of the sale. Any co-borrowers do not get notice.

The borrower is able to stop the foreclosure up to the actual time of the sale.

Once the sale takes place, the lender must go back and notify the ordering court that the property has been sold. The redemption period in Florida is the time between the sale and the time the court takes notice of the sale.

There is one important understanding about foreclosures in Florida courts: it is impossible to get an injunction against the sale from the court. The sale can only be set aside if there was an error made in the foreclosure procedure. It can not be set aside for a low selling price.

If the price at auction fetches less than the homeowner owes, the lender can file for a deficiency judgment which means that the ex-homeowner now owed the lender the difference.

Understanding foreclosure in Florida means that you know the nuances that are particular to the sunshine state's laws.

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