What are the laws governing foreclosure?

In Florida, foreclosure laws govern what happens when a homeowner can no longer pay the mortgage on their home. Foreclosure is the legal process that allows the lender (the bank or other financial institution) to take possession of the home as payment for the debt owed. When a homeowner defaults on their loan, the lender can initiate foreclosure proceedings. This typically involves filing a Notice of Default with the county court and serving it to the homeowner. The homeowner then has a certain amount of time, usually about two months, to pay the delinquency or enter into a payment plan with the lender. If the homeowner fails to do either, foreclosure proceedings can begin. The foreclosure process in Florida requires the lender to file a complaint with the court and then to send a notice of foreclosure to the homeowner. The homeowner is then required to give an answer in writing, which must include their defense, within 20 days. The court then decides whether a foreclosure is justified and, if so, can issue a final judgment of foreclosure. Once the final judgment is issued, the lender can take possession of the property. This is usually done through an auction where the highest bidder (usually the lender) wins the property. The funds from the sale are used to pay off the loan debt. Once the sale is completed, the homeowner no longer owns the property and must vacate the home. If they refuse to move out, the lender can file an eviction to force them to leave.

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