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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Judicial |
| Time to respond | If foreclosing party asks for an order to show cause why the foreclosure should not proceed, homeowner has 21 days to respond after personal service or 31 days after the date notice is first published. Foreclosing party must publish notice of sale for two consecutive weeks at least five days before sale. |
| Reinstatement of loan before sale | Allowed for high-cost loans. Fla. Stat. Ann. § 494.00794 |
| Redemption after sale | Available until the court clerk files a certificate of sale |
| Special protections for foreclosures involving high-cost mortgages | Protections apply to high-cost loans as defined in HOEPA (see Ch. 7). Florida Fair Lending Act, Fla. Stat. Ann. §§ 494.0078, 494.00794 |
| Special state protections for service members | Fla. Stat. Ann. §§ 250.5201 to 250.5205 |
| Deficiency judgments | Allowed if homeowner is personally served in foreclosure lawsuit. Court has flexibility regarding amount of deficiency, regardless of the type of mortgage involved. Foreclosing party may also file a separate lawsuit for breach of contract against homeowner for a deficiency, except that an original lender who ends up with the property at the foreclosure sale can’t sue homeowner on a mortgage used to buy the house. |
| Cash exempted in bankruptcy | $1,000 for one person, $2,000 for a married couple |
| Notice to leave after house is sold | Former owner has five days to respond to a civil complaint filed by new owner to gain possession of property. |
| Foreclosure statutes | Fla. Stat. Ann. §§ 702.01, 45.031 |