How long do I have to stay in my home after a foreclosure?

In Florida, the law provides homeowners time to remain in their home following a foreclosure. This period is known as the “redemption period.” During the redemption period, the borrower has the right to reinstate the loan or redeem the property by paying off the entire loan debt. The redemption period in Florida is generally five months after the date of the foreclosure sale. During this period, you will remain in your home with certain restrictions. The foreclosure sale must be consistent with the Florida Statutes, and the foreclosure deed must be filed within one month of the sale. During the redemption period, you must continue to make payments on the loan and keep the property in good condition. You may not make any changes to the property or remove any personal property, and the lender will likely require you to pay any taxes or assessments that may be due. If the lender files for a Certificate of Title during the redemption period, you will have only 10 days from the date that the Certificate of Title was filed to redeem your property and may lose the right to redemption. After the redemption period, the lender may file an eviction suit to take ownership of the home. In Florida, the eviction process can take 30 to 60 days, or longer in some cases. Once the foreclosure has been completed, you are no longer responsible for the loan, and the lender cannot require you to make payments or stay in the property. However, you still have the right to stay in your home during the redemption period and may be able to negotiate with the lender for additional time.

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