Foreclosure

Foreclosure is the legal process a lender uses to repossess and sell a home after the borrower defaults.

What Foreclosure means

Florida is a judicial foreclosure state, so the lender must file a lawsuit and win a court judgment before selling. The process commonly takes 8–14 months or longer, giving borrowers time to pursue alternatives.

Florida example

A Florida borrower 120 days behind receives a foreclosure complaint. Because the case runs through the courts, there's often room to negotiate a loan modification or short sale before the property goes to auction.

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