Florida is a judicial state, so therefore the court carries out the proceedings. The foreclosure process in this state takes around 5 months.
The foreclosure process begins by a court action being filed by the lender and a notice of pending lawsuit recorded.
The borrower is notified by mail, or person, by the lender. The court can make a final ruling that the borrower is in default, if the borrower does not respond by a certain time. The total amount owed by the borrower to the lender, and the sale date, can be ruled by the court against the borrower.
Under this state law, the lender is not required to notify the borrower before beginning the foreclosure process. The mortgage or Deed of Trust may stipulate this though. If the borrower can pay the total amount to the lender, even up to the sale date, he/she can stop the foreclosure.
After a court ruling, the sale date occurs generally around 20-35 days after. The notice is published with the time, date, and location of the sale. For two weeks before, the notice of sale is published once a week.
The sale is usually overseen by the clerk, and normally takes place at the court house. Whoever makes the winning bid, must provide a 5 % deposit, and be able to pay the remaining balance by the end of that day. If this does not occur, a new sale date is set not less than 20 day later. A certificate of sale is given to the winning bidder.
Ten days after the sale, a transfer of ownership is given to the winning bidder, if there has been no dispute of the sale. Most of the time, the borrower has no right of redemption, once the certificate has been issued to the winning bidder.