Because of the growing number of foreclosed properties in the state, distressed homeowners should understand the legal process of Florida foreclosures in order for them to know their rights.



The process of Florida foreclosures starts when the mortgage loaner files a lawsuit against the distressed homeowner. It is then a must that the homeowner should be informed of the filing against him. He must then file his answer to the notification within a designated period of time.

In the event that the homeowner failed to respond to the notice within a designated period of time, the court is authorized to rule against the borrower and set a date for the auction of his foreclosed home.

The Florida foreclosure notice of sale includes the following information:

?Name of the homeowner

?Address of the foreclosed home

?Last known address of the homeowner

?Telephone number or contact information of the individual to get hold of for any real estate information.

? Legal description of foreclosed properties

?Description of improvements done on the foreclosed homes

?Time and venue of Florida foreclosures sale

?Case title and number

?Court where Florida foreclosures were filed

?Terms of sale of Florida foreclosures

Under the Florida law, notice of foreclosure sale should be published for three consecutive weeks, with the last notice not more than five days before the sale.

Meanwhile, auctions of repossessed homes in Florida take place a month after the ruling is filed. The homebuyer who successfully bid for the foreclosed home is required to give 5 percent down payment, with the balance payable at the end of auction day.

Upon paying the full amount, the purchaser will receive a certificate that indicates that he is the new owner of the property.

Under Florida's foreclosure law, a distressed homeowner has the legal right to save his property until the day before the auction. This right for redemption ends when a sale certificate has been issued to the winning bidder.

Florida law provides that the legal advertisement or notice should be published by the petitioner's lawyer or by the court's clerk.