Stop Foreclosure in Florida: The Law that Allows You to Get Your Home Back Even After It’s Sold at Auction
Stopping foreclosure in Florida can be a frustrating process – especially when you add in the emotional stress brought on by the situation. But, you do have options – even if your home has been sold on the courthouse steps at auction. These laws are known as right of redemption laws. Not all states have right of redemption laws and of those that do, they are applied differently.
Following is a brief rundown of right of redemption laws in Florida that may help you prevent foreclosure and/or get your home back even if it’s been sold.
Florida Foreclosure Law: The Foreclosure Process
To understand how you may be able to use this foreclosure law in Florida to get your home back, the first thing you need to understand is how the foreclosure process works in Florida as it relates to judicial and nonjudicial foreclosures.
Stop Foreclosure in Florida: The Difference between a Judicial and a Non-Judicial Foreclosure
There are basically two types of foreclosure in the U.S. – Judicial Foreclosure and Non-Judicial Foreclosure. A judicial foreclosure involves the court process, eg, your lender must go to court to move ahead with the foreclosure process. Hence, the name “Judicial” foreclosure.
In a non-judicial foreclosure, the lender does not have to go to court to start the foreclosure process. Not surprisingly, lenders prefer this route for obvious reasons – the process tends to be faster and easier, and less expensive as well.
Stop Foreclosure in Florida: How Can the Right of Redemption Law Help Homeowners Stop Foreclosure?
In Florida, the right of redemption law doesn’t give homeowners a lot of time. In fact, some real estate experts say it’s really not a “right of redemption” law at all. For example, there’s usually a defined window of time -- in the 6-12 month range -- in which a homeowner can buy their home back after it’s sold.
In Florida though, you may have as little as a few hours on up to about 10 days. Why? Because technically, after the Certificate of Sale for a property is issued in Florida, there is no more right of redemption.
HOWEVER, a caveat that gives a homeowner what some perceive as a “right of redemption” period is the following:
. . . a court is allowed to “review the sale” to ensure that a fair price was paid for the property.” There is no definitive set time period written into law, but it usually takes about 10 days according to real estate experts.
Somewhat ironically, this is about the amount of time it takes for a certificate of sale to be filed and for the title clearance to take place.
Stop Foreclosure in Florida: What Do I Need to Do to Get My Home Back Using the Right of Redemption?
If you want to get your home back using the right of redemption in Florida, you must pay not only the balance due on the home loan, but all fees incurred by the lender and other overdue fees as well. These can include: property taxes, HOA fees, property insurance lender attorney fees, etc.
Get a more detailed overview of right of redemption laws in Florida, eg:
**How long the foreclosure process takes;
**The difference between a mortgage and a deed of trust; and
**Can your lender sue you if your home sales for less than what is owed, etc.
Foreclosure Cleaning: An Evergreen Small Business Opportunity
Many savvy entrepreneurs are capitalizing on the home foreclosure crisis in Florida by starting a foreclosure clean up business. And no wonder, as long as real estate transactions take place, properties will need to be cleaned and maintained (eg, grass cut, locks changed, windows boarded up, etc.).