In This Guide
Florida is a Judicial Foreclosure State
In Florida, lenders must go through the court system to foreclose on a property. This means homeowners have formal legal notice and a specific judicial timeline before a property can be sold at a public auction.
Authoritative Sources:
The Notice of Default and Lis Pendens
The process begins when a lender files a Lis Pendens (suit pending) and a foreclosure complaint. The homeowner is formally served with a summons and typically has 20 days to file a response with the court.
Options Before the Foreclosure Sale
Prior to a foreclosure sale, homeowners can explore options such as loan modification, a short sale, or selling the property to pay off the mortgage. Once a final judgment is entered, the court sets a sale date.
[NEEDS CONTENT FROM MIKE: Explain the timeline for a typical fast cash closing and how late in the pre-foreclosure process your company has historically been able to purchase properties in Southwest Florida.]