How Long Does Foreclosure Typically Take in Florida?
To use a lawyer's 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 general timeframes to give you a sense of the process.
You miss a mortgage payment.
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”.
30-45 days after you receive the default notice, your loan will be transferred to a law firm that will begin the formal foreclosure process.
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 the same.
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.
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.
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.
How Our Firm Can Help
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 as long as 5-10 years. We can help. Call us now for your free consultation.