An experienced Florida foreclosure attorney is essential when navigating foreclosure laws in Florida. Retaining a well qualified local foreclosure attorney is the best way to assure your case receives the personal attention and service that is required to be successful. At The Law Offices of Justin R. Payne, P.A., our entire staff is dedicated to providing superior service to our foreclosure clients throughout Brevard County.
Under Florida foreclosure laws, mortgage lenders and lien holders have the right to foreclose and retake possession of the property that is the collateral for the underlying debt. Florida is a judicial foreclosure state. This means that the process here is more complex than in states where foreclosure sales are not court ordered. There are many requirements that must be met through the entire foreclosure process, or the Court can deny foreclosure and dismiss the suit.
The requirements for foreclosure are complex and continually changing. Employing the services of an experienced Cocoa foreclosure attorney is absolutely critical to any foreclosure suit for this reason.
Florida foreclosure laws and the terms of the Note and Mortgage govern foreclosure procedures in Florida. Typically, the process begins with the mortgage lender giving the borrower notice of default. If the borrower does not cure the default by bringing the payments current, the next step is to file a foreclosure complaint and lis pendens with the court, and then have these documents served on the borrower.
The borrower typically has 20 days to answer after the complaint is served. If the borrower does not answer, the Court can enter a default judgment and order a judicial sale of the property to satisfy the debt. If the borrower answers the complaint, the Court must determine the prevailing party at hearing or trial. A qualified Florida foreclosure attorney is vital to proper preparation and analysis at this pleading stage of the case.
There are additional procedures that either can or must be followed depending on whether the foreclosure involves commercial, residential, homestead or non-homestead property. In certain foreclosures in Florida, procedures are available to the lender to expedite the process and recover any rental income generated by the property while the case is pending.
In mortgage foreclosure involving the borrowers’ homestead, lenders may be required to attend mediation with the borrower before any final judgment is entered. This gives the lender and borrower an opportunity to come to an arrangement and avoid taking the matter further through the courts.
Settlement in these cases can include a loan modification, reinstatement of the mortgage, a short-sale, or a deed in lieu of foreclosure. Cases that do not settle must be decided at a final hearing or trial. If the lender is successful, the unpaid debt is reduced to a judgment entered in favor of the lender. When judgment is entered against the borrower, the property is ordered to be advertised for sale by judicial auction to satisfy the judgment amount.
At the auction, the lender and members of the public are able to bid to purchase the property. In some cases, if the sale amount is not enough to pay the debt, the lender can recover a deficiency judgment. A deficiency judgment is a money judgment against the borrower for the difference in the sale price and the amount of the judgment.
There are numerous variables that determine the appropriate procedure and strategy for any foreclosure suit. Florida foreclosure laws are complex and should not be faced without quality legal representation from an experienced foreclosure attorney.
We invite you to compare our qualifications and experience to those of other foreclosure attorneys you may be considering. Cocoa foreclosure attorney, Justin R. Payne has handled hundreds of mortgage foreclosures, representing lenders and homeowners since 2003. The initial consultation is free and evening appointments are available for your convenience. Contact us today for a free consultation to discuss your case with a local Florida foreclosure attorney.
The Law Offices of Justin R. Payne, P.A.
96 Willard Street, Suite 204, Cocoa, Florida 32922, Phone: (321)639-1300 Fax: (321)639-1303
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