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Foreclosure procedures in Florida are all Judicial Foreclosures controlled by the courts. The lender must sue the borrower and obtain an order to foreclose. The court defines the procedures to be followed. A notice of sale may or may not be published in local newspaper publications. If a notice of sale must be published, the terms of the sale ordered by the court must be adhered to.
The court may extend the redemption period before the sale, but this rarely happens. However, the right to redeem the property exists up until the time the sale is confirmed, which is usually ten (10) days after the sale. The court reviews the sale to determine whether a fair price has been paid for the property. If the court does not confirm the sale, another one is scheduled.
The lender may sue the borrower for a deficiency judgment if the sale price does not cover the balance due on the loan plus costs. |
