The number of Florida foreclosures has been among the highest levels in the United States. That's not entirely surprising since property prices had soared there in recent years and because many people there could barely afford to purchase a home on the peninsula. Before you begin planning to purchase one of these properties, you should familiarize yourself with some facts about the process in Florida.

The Process in Florida

In this state, the court has control over Florida foreclosures. Lenders must literally sue the homeowner to regain ownership of the property. In some cases, the courts may not even require the lender to publish notification in the newspaper. Typically, the process takes about 180 days before the property can be put up for auction. If you're interested in doing a pre-foreclosure sale, you'll have to complete the agreement within that period.

Is There a Redemption Period?

Another concern with many states? laws is the redemption period. That's a period after the sale when the original homeowners can regain ownership by paying off the debt as well as a penalty. There is a very limited redemption period involved with Florida foreclosures. Once the auction has been completed and a buyer has offered a winning bid, the courts must approve the final sale price. This ten day approval period is considered the only redemption period offered to the original homeowners. However, if the courts do not approve the sale, it is considered void and the property goes back on the auction block.

What about Deficiency Judgments?

If you're going to do a pre-foreclosure, make sure the bank signs off on the amount you agree to pay if it is less than what is owned on the mortgage. Otherwise, the bank is allowed under Florida law to pursue the old owners for the balance on the Florida foreclosures.