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Florida Foreclosure Laws

Florida Laws Favor the Homeowner

If you have defaulted on your home loan, the bank or mortgage lender has a legal right to enforce the lien by foreclosing on your home and recovering the property which is pledged as collateral against the loan. The good news, however, is that Florida's real estate laws are in many ways written to favor the homeowner, you. By hiring an Ocala foreclosure defense lawyer who has a solid understanding of the laws, you can mount a strong challenge to the bank's attempt to take your home, and you may be able to win the case.

Lien Theory and Judicial Foreclosure

Florida, along with slightly fewer than half of the United States, is a “lien theory” state. This means that a homeowner in Florida actually owns the home, regardless of whether or not he or she is still paying down a mortgage. In other states, the bank holds the title and only transfers ownership when the mortgage is paid off. Because of this, a bank in Florida is required by law to carry out a full judicial foreclosure, which involves suing the homeowner in court, rather than being able to foreclose on the property without any recourse to the court. This often makes it possible to delay the foreclosure significantly, as well as giving the homeowner the opportunity to challenge the validity of the foreclosure before a judge.

Right of Redemption

Even after the bank has filed a foreclosure lawsuit against you, you have a right of redemption which allows you to cure the mortgage by catching up the missed payments and any fees assessed by the bank. By exercising your right of redemption, you can stop the foreclosure before it happens. Even if this is not possible and the case proceeds to a sale of the property, you have one final opportunity to turn the situation around. The bank is required to strictly follow the terms of the court order for foreclosure, and if you can prove that the bank violated the order in any way, it is possible to recover the property. This must occur within 10 days before title is transferred to the new buyer. Contact The Law Offices of Justin McMurray, P.A. now for a free consultation to learn more about state laws that may apply to your case.

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