After The Foreclosure Sale
In Florida, the lender, which is usually the high bidder at the foreclosure sale, will typically get a right to possession in the foreclosure judgment. After the clerk files the certificate of title, the lender can then file a motion for a writ of possession. Once the court grants the motion, the clerk of court issues the writ, and the sheriff executes it. If you don’t move out, the sheriff will make you leave.
Getting Help From A Florida Foreclosure Lawyer
In this article, you’ll find details on foreclosure laws in Florida with citations to statutes so you can learn more. Statutes change, so checking them is always a good idea. How courts and agencies interpret and apply the law can also change. And some rules can even vary within a state. These are just some of the reasons to consult with an attorney if you’re facing a foreclosure.
Also, foreclosure laws are complicated. Servicers and lenders sometimes make errors or forget steps. If you think your servicer or lender failed to complete a required step, made a mistake, or violated state or federal foreclosure laws, you might have a defense that could force a restart to the foreclosure or you might have leverage to work out an alternative. Consider talking to a local foreclosure attorney or legal aid office to learn about your rights. A lawyer can tell you about different ways to avoid foreclosure, too. Likewise, a HUD-approved housing counselor can provide helpful information about various alternatives to foreclosure.
What Happens If You Miss A Mortgage Payment
If you miss a payment, the servicer can usually charge a late fee after the grace period expires. Most mortgage loans give a grace period of ten to fifteen days, for example, before you’ll incur late charges. To find out the grace period in your situation and the amount of the monthly late fee, review the promissory note or your monthly billing statement.
If you miss a few mortgage payments, the servicer will probably send letters and call you to try to collect. Federal mortgage servicing laws require the servicer to contact you by phone to discuss foreclosure alternativescalled “loss mitigation” optionsno later than 36 days after a missed payment and again within 36 days after each following missed payment. No more than 45 days after a missed payment, the servicer must let you know in writing about loss mitigation options that could be available, and assign personnel to help you. Some exceptions to a few of these requirements exist, like if you file bankruptcy or tell the servicer not to contact you under the Fair Debt Collection Practices Act. .
How Judicial Foreclosures Work In Florida
The lender files the suit and gives notice by serving you a summons and complaint. You generally get 20 days to file an answer with the court. If you don’t file an answer, the lender will ask the court for, and probably receive, a default judgment, which will allow it to hold a foreclosure sale. If you respond to the lawsuit, however, the case will go through the litigation process. The lender might then ask the court to grant summary judgment. A summary judgment motion asks that the court grant judgment in favor of the lender because there’s no dispute about the critical aspects of the case. If the court grants summary judgment for the lenderor you lose at trialthe judge will order the home sold at a foreclosure sale.
Faster Foreclosure Process in Florida
Florida has an expedited foreclosure process for uncontested cases or if the homeowner doesn’t have a genuine defense.
Experts Warn Of New Foreclosure Crisis In South Florida
With the federal moratorium on evictions and foreclosures set to expire, housing experts are predicting a new foreclosure crisis in South Florida.
The crisis began for many last year as COVID-19 forced thousands of Floridians out of jobs. It was not until April 2020 when the Trump Administration and many states hit the pause on all foreclosure and eviction proceedings on federally backed loans. States and the federal government extended these moratoriums throughout 2020 and into 2021. These extensions allowed individuals to remain in their homes and postpone the foreclosure process.
Federal moratoriums offered through three federal agencies, including the Departments of Housing and Urban Development, Veterans Affairs and Agriculture, and the Federal Housing Finance Agency, which oversees both Fannie Mae and Freddie Mac lending programs, are scheduled to expire finally on July 31.
With foreclosures expected to begin again in the second half of 2021, housing experts fear that the courts will now be flooded with a wave of foreclosure cases that will not only clog the courts but will also depress the real estate market for South Florida.
A similar situation was seen in 2008 where the number of cases hitting the courts led to what experts called rocket dockets or courts pushing for clearing as many cases as possible, leaving homeowners at the short end of the stick.
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Timeline To Ownership After Purchasing A Foreclosure In Florida
No one can really predict how long a foreclosure will take as each individual circumstance is different. In 2012, when Florida was the state with the most foreclosures in the country, the process could take 24 to 36 months.
In 2013, as foreclosures continued to clog up the Florida courts with both their numbers and the length of resolution, a new foreclosure law was passed and signed by the Governor. This has helped to speed up the process, but, because the process is complex and each situation will vary, it is still nearly impossible to predict just how long any given foreclosure in Florida will take.
All in all, for those who are determined and steadfast, the opportunities for foreclosures in Florida are still available. Misfortunes happen even in the best of times. And those willing to persevere can often find a great property at a reduced price. Whether you decide to pursue a distressed property or a standard listing, we always recommend that you have a well-equipped agent on board to help you navigate the waters in search of your new Florida Home.
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Certificate Of Title Information
If you purchased a property at a foreclosure sale and you have not yet received your certificate of title, please check Certificate of Title Information for updates on processing times and issues that may cause delays in receiving your certificate of title.
When the certificate of title is issued, the Clerk’s office will eServe an unrecorded copy to all parties listed on the case who have provided email addresses. Plaintiffs/plaintiffs’ representatives must provide postage paid envelopes for those parties without email addresses. See more about Electronic Service of Certificates of Title.
Check the online auction calendar for the exact dates of upcoming sales, including a list of cases set for sale.
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Mortgages & Promissory Notes
As a lien theory state, Floridas mortgage loans are secured by the property purchased with said mortgage. Generally speaking, borrowers sign both a mortgage and a promissory note when buying residential property, with the promissory note containing the terms and details of the loan, as well as the borrowers legally binding commitment to repay it.
What Will Happen To My Credit Score If I Choose To Defer My Mortgage Payment
While your credit score shouldnt be the thing you are most concerned about at this time, there is currently NO GUIDANCE on credit reporting during this pandemic. If you choose to defer payments on your mortgage your credit score will likely be negatively impacted for years to come. Maybe mortgage servicers will report your account with some sort of statement that indicates your payment history is affected by the pandemic, which could possibly help protect your credit history and credit scores. Again, without any coordinated guidance on this issue, the effect of the pandemic on your credit score is anyones guess.
How To Cancel A Foreclosure Sale In Florida
Immediately after a homeowner files Chapter 7 or Chapter 13 bankruptcy, an automatic stay will go into effect. See bankruptcy law 11 USC 362. The automatic stay requires all collection activity to stop immediately, including scheduled foreclosure sales. Even if the bankruptcy is filed only a few minutes before the auction, the foreclosure will be stopped. The bank will not be able to resume a foreclosure until the bankruptcy court has lifted the stay.
Buying A Reo Foreclosure In Florida
For any foreclosures that dont sell at auction, they can then go on to a Real Estate Owned Sale . In this scenario, the property is still on the lenders balance sheet and they are generally pretty keen to get it off their hands and recoup their losses as soon as possible, which means buyers can get a steep discount.
However, there is usually a very good reason why no investors made an offer during the auction. This is especially the case in the competitive Florida foreclosure market – investors dont miss good deals at auction.
Therefore, if youre considering going down the REO route in Florida, be aware that many the homes on offer will probably require substantial work. So complete thorough due diligence and seek advice from experts, such as a private money lender who can assess your after repair value calculations to determine how feasible this is.
WE LEND OFFERS A RANGE OF PROGRAMS TO SUIT EVERY TYPE OF RESIDENTIAL REAL ESTATE INVESTOR.
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Florida Foreclosure Moratorium For Covid
The COVID pandemic has had a devastating impact on the health and financial stability of many Floridians. In response to the COVID pandemic, Florida issued a foreclosure moratorium. A moratorium is a temporary prohibition or suspension of an activity. The foreclosure suspension was in effect for many months but recently expired. Fortunately, there may still be other options available to prevent foreclosure. To see which option may be best for your specific circumstances, contact a foreclosure defense lawyer in Tampa.
The Suspension Is Extended
Many states, including Florida, have enacted eviction and foreclosure moratoriums. In general, this legislation restricts landlords and creditors ability to kick people out of their homes for being unable to pay their rent or mortgage. In Florida, the original moratorium went into effect on April 2. Since then, Gov. DeSantis has continued to extend the moratorium each month, changing its terms slightly to match the situation of the pandemic. The Florida governor has made a habit of putting off this decision until the night before the new month begins, leaving landlords, tenants, and homeowners unsure of what the next month will bring.
Before announcing his decision to extend the moratorium to October 1, the number of eviction cases filed rose to new heights. According to reports from the South Florida Sun-Sentinel, landlords in Broward, Palm Beach, and Miami-Dade Counties filed 2,170 eviction cases just in the month of August. When comparing the numbers from previous months, this is much higher than any other month since the moratorium began. With a predicted 749,000 Florida households risking eviction over the next four months, Gov. DeSantis extended the moratorium to last another month.
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One Mans Distress Is Another Mans Opportunity
While the aftermath of the bubble has been highly unpleasant for millions of property owners, it did bring real estate prices down considerably. However, this process also had a pendulum effect with considerable overpricing on the way up and overshooting the bottom on the way down.
If you were a Buyer in the market right before, at the bottom, or shortly thereafter you were the beneficiary of pricing that may have been more reminiscent of the late 90s rather than 2011-2013.
In 2012, Florida topped the list of states with the highest number of foreclosed homes. Now, in this first half of 2016, Florida is 5th in the US in the number of foreclosures. This is still well above the US average which means there are still some good deals to be found.
Some areas of Florida have had a long road to recovery. These include Hillsborough County in Tampa, and Polk County- which is between the cities of Tampa and Orlando.
In April 2016, about 15% of total sales in Hillsborough County and 16.9% in Polk County were distressed properties.
Otherwise, the number of distressed sales in Florida has decreased significantly. The three biggest contributors to this are:
In 2016, the discounts that had existed with a distressed sale have also drastically decreased. While a small discount does still exist, the pricing of a property is much more about property condition than if the seller is a bank or a private individual.
Make Sure To Contact Our Florida Foreclosure Attorney
Our foreclosure practice at has a lot of experience dealing with defenses and counterclaims that might come up in foreclosure cases. We also represent our clients in bankruptcy courts across Florida, in all federal districts.
Our Florida foreclosure lawyers handle a wide range of real estate litigation, including title curative actions, reformations, quiet title proceedings, lien priority disputes, easement and right-of-way conflicts, and the settlement of mobile home difficulties, in addition to foreclosures. We deal with title insurance companies regularly to resolve complex title issues for covered property owners or lenders.
- We offer over 30 years of legal experience.
- We safeguard your interest.
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Florida Foreclosure Homes For Sale
- 3bds2ba1,072sqft- Foreclosure3 days on Zillow
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Florida Sixth In Nation In Foreclosure Rate First In Total Foreclosures
- Florida leads the nation in total foreclosures over the first half of 2022
- On a per home basis, Floridas foreclosure rate is 6th in the nation
- More than 17,000 Florida homes were in foreclosure so far this year, with California trailing at over 16,000 homes
Demand for single-family homes surged in the past two years, as the coronavirus pandemic prompted people to look for more living space. The increased demand, facilitated by low interest rates and coupled with supply constraints, led to soaring home prices.
But now the U.S. housing market appears to be coming back to earth, with some parts of the country showing early distress signs. Foreclosure filings a measure of the health of housing markets at local, state, or national levels are on the rise across the country.
According to Attom, a curator of land and property data, home foreclosure filings which include default notices, bank repossessions, and scheduled auctions are up 153% in the first half of 2022 compared to the same period last year.
In Florida, foreclosures rose by 124.5%, from 7,851 in the first six months of 2021 to 17,624 in the first half of 2022. The foreclosure rate in the state of one in every 560 homes ranks as the sixth highest in the nation.
According to five-year estimates from the U.S. Census Bureaus 2020 American Community Survey, 56.7% of homeowners in Florida are paying down a mortgage, the 11th smallest share among states.
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Communicate To Your Landlord:
Always express to your landlord the efforts you are making to pay rent. Explain to them the broken unemployment system, and the delay in receiving rental assistance. Ask if they sought forbearance from their mortgage, and/or see if a payment plan can be crafted. Also confirm if the mortgage is federally-backed, or if the apartment was constructed via low-income housing tax credits. Sometimes that can offer additional protections.
Foreclosure Listings Government Sites
HUD.gov. Potential investors and other home buyers can find one- to four-unit residential properties that the Department of Housing and Urban Development acquired from foreclosure actions on FHA-insured mortgages.
USDA-RD/FSA Properties. The United State Department of Agriculture-Rural Development and the USDA-Farm Service Agency list properties on this website. Here, youll find a small number of single- and multi-family homes, farms, and ranches.Buyers should contact the local USDA-RD office for more information on the property and how to buy it.
IRS Seizures. This Internal Revenue Service website is a portal to finding homes and other property seized by the tax agency for nonpayment of federal taxes.
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Buying Foreclosures In Florida In 2022
Prime Florida real estate markets, such as Miami and Fort Lauderdale, have witnessed significant investor activity over the last few years. In fact, rising home values, a booming economy and lots of migration from other states have all resulted in several Florida cities being identified as top locations for real estate investment in 2022.
So in order to help investors navigate how to buy a foreclosure in Florida, weve written this guide that talks you through your options.
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Breadth And Scope Of The Agencies Foreclosure Moratoriums
On June 24, the Federal Housing Finance Agency issued a news release stating that Fannie Mae and Freddie Mac are extending the moratoriums on single-family foreclosures and real estate owned evictions until July 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on June 30, 2021. The news release stated, this action is just the latest step FHFA has taken to benefit homeowners and the mortgage market during the pandemic.
Fannie Mae updated its Lender Letter LL-2020-02 on June 24, extending the suspension of foreclosure-related activities through July 31, 2021. During the extended period, servicers may not, except with respect to a vacant or abandoned property, initiate any judicial or non-judicial foreclosure process, move for a foreclosure judgment or order of sale, or execute a foreclosure sale. This suspension does not apply to mortgage loans secured by properties that have been determined to be vacant or abandoned. The guidance extends the servicers obligations to meet bankruptcy milestones.
In its contemporaneously released servicing frequently asked questions, Freddie Mac identified some of the activities that it is taking to ensure homeowners can remain in their homes during this critical time:
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