If you're a homeowner facing foreclosure in Florida, there is a way to stop the process - even if your home has been sold on the courthouse steps. Here, we're going to discuss this foreclosure law; ie, the right of redemption.
In order to understand this foreclosure law as it applies in Florida, the first thing you need to know is that not all states have these types of laws. And in states that do, they are applied differently.
Right of Redemption Laws: A General Overview
In most states, a homeowner is given a set period of time to buy their home back - even if it's been sold on the courthouse steps at auction. This period - in the vast majority of states - ranges from six months to a year.
Right of Redemption: Is It Really a "Law" in Florida?
Many foreclosure experts say that in reality, Florida does not have right of redemption period. Here's why.
As stated above, in most states there is a clearly defined period of time in which a homeowner can exercise their redemptive right to get their home back. Not so in Florida. In Florida, after a Certificate of Sale is issued, there technically there is no right of redemption.
But, there is a little caveat that gives them a window of time which many perceive as this right. It says something to the effect of:
"... a court is allowed to "review the sale of the property" to ensure that a fair price was paid. There is no definitive set time period written into law, but this period is roughly 10 days according to real estate experts."
Somewhat ironically - in the eyes of most experts -- this is approximately the same amount of time it takes for the certificate of sale to be filed and for the title clearance to take place.
Now that you understand what the right of redemption law is in Florida (or what it isn't depending on your point of view), let's turn our attention to how to use this foreclosure law to get your home back.
Stopping Foreclosure in Florida: What You Need to Do Get Your Home Back Using the Right of Redemption
If you want to get your home back using this mortgage foreclosure law in Florida, you have to be prepared to pay - not only the balance due on the mortgage, but the following as well: all fees incurred by the lender, as well as property taxes, HOA fees, homeowners insurance, lender attorney fees, etc.
Learn more about right of redemption laws in Florida, eg, if/when your lender can sueÂ you if your home sells for less than is owed on it, the difference between a judicial and nonjudicial foreclosure, how long the foreclosure process takes in Florida -- and more.
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