What is the foreclosure timeline?

In Florida, the timeline for foreclosure typically begins with a Notice of Default being served to the homeowner. This document informs the homeowner that they are in default of their mortgage loan and that they must cure the default, typically through the payment of the arrearage (past due payments), within a certain period of time in order to avoid foreclosure. If the homeowner is unable to resolve the default through either a loan modification, payment plan, or other means, the lender will proceed with a foreclosure lawsuit. This is the second step of the foreclosure timeline. The lender will file a Complaint with the court which will inform the homeowner that the lender is seeking to foreclose on the property. The homeowner then has 20 days to file an Answer to the Complaint with the court. If the homeowner fails to do so, the lender will file a Motion for Default and will likely be granted a Default Judgment. Once the court grants the Default Judgment, the next step in the timeline is a publication of the court’s Final Judgment of Foreclosure. This is typically published in a local newspaper and informs the public that the property is in foreclosure. The last step in the foreclosure timeline is a sale of the property. The sale may be conducted at public auction or through private sale, and it typically occurs approximately two to four months after the Final Judgment of Foreclosure is issued. Once the sale is completed, the homeowner no longer has any legal rights to the property and must vacate.

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What is the foreclosure timeline?

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