Mortgages are foreclosed in Florida, when the lenders go to court in a judicial foreclosure hearing, where the court must issue a final judgment of foreclosure.
The Circuit Court is the court that has jurisdiction over the foreclosure proceedings and this is also where a complaint is filed along with a recorded document that provides public notice of the property being foreclosed upon.
The length of time it takes to foreclose a property in Florida depends on the court’s schedule. The length of time can be extended by factors such as the action being contested by the borrower on the note, the borrower seeking delays and adjournments of hearings or the borrower filing bankruptcy.
Florida also allows a deficiency judgment to be obtained. This is when the property in foreclosure is sold at public sale for less than the loan amount that the underlying mortgage secures. Basically, this means that the borrower still owes the lender the difference between what the property sold for at public sale and the amount of the original loan itself.