Boca Raton Bankruptcy Lawyer

Foreclosure in Florida

The rules and laws of foreclosures for the state of Florida are detailed in the Florida Foreclosure Laws, Florida Statutes Chapter 702. Under these statutes, lenders have the right to start a judicial foreclosure in the event that a borrower defaults on a mortgage payment or clause.

Foreclosure is the lender’s way of recouping the costs of the mortgage loan. In addition, foreclosure is the borrower’s way of making good on the loan when they can’t make the payments which were detailed in the mortgage agreement. The entire process, from start to end, takes typically 5 months to complete.

The foreclosure process in Florida begins when the lender or bank files a lawsuit against the borrower suing for control of a property due to a default on the mortgage payment. Florida’s laws and statutes do not require the lender to give notice that they will be beginning the foreclosure process unless notice is specified in the mortgage agreement or deed of trust.

When the lender is required to give notice that they are planning on beginning foreclosure proceedings, the lender must send notice via registered or certified mail. However, the lender is not required to notify all parties of their intent to file for foreclosure. The lender is only required to notify the primary borrower listed on the mortgage agreement.

Once a court action has been taken and notice of pending foreclosure is filed, the foreclosure process has been started. At any time, the borrower can stop the sale by paying off the entire amount owed on the mortgage, not just the defaulted amount.

If you are being faced with foreclosure and have heard that bankruptcy may be a way to stave off the process, please contact the Boca Raton chapter 13 bankruptcy lawyers of Klein Attorneys at 561-353-2800 to discuss your situation and to determine your legal options.