To use a lawyers favorite answer “it depends”. There are many factors that control the timeline for a Florida foreclosure. However, I will try to lay out some very generally timeframes to give you a sense of the process.
Step One: You miss a mortgage payment.
Step Two: 30-60 days after you miss your mortgage payment, your mortgage will be transferred to the bank’s internal default department. You will likely receive a letter from the bank that will say something along the lines of “you are in default, if you do not pay $x,xxx.xx by a certain date a foreclosure lawsuit will be filed against you.” This letter is typically called the “default notice” or “paragraph 22 letter”.
Step Three: 30-45 days after you receive the default notice, your loan will be transferred to a law firm who will begin the formal foreclosure process.
Step Four: The bank’s law firm will file a formal Foreclosure Complaint (AKA a foreclosure lawsuit) in the county where the property is located. You will be served with a copy of the lawsuit and you will have 20 days from the date you are served with the foreclosure lawsuit to respond to same.
Step Five: The bank obtains a final judgment of foreclosure against you (if you do not hire us or another qualified Florida lawyer to defend you in the lawsuit) and the property will be sold at the next public auction. Normally, the public auction will occur 30-40 days after a final judgment of foreclosure is entered by the judge.
Step Six: After the property is sold at public auction, it will take 10 days for the clerk of court to enter what is known as the “Certificate of Title”. This document formally transfers ownership of the property to the new owner.
Step Seven: If you are still in the Property after the Certificate of Title is issued, the new owner will likely evict you from the property and change the locks.
As I previously mentioned, these are very general timelines for a Florida foreclosure (if you chose not to hire our firm). We can often prevent foreclosure or at a minimum delay the foreclosure sometimes for along as 5-10 years. We can help. Call us now for your free consultation.