When You Can Redeem Your Home in a Florida Foreclosure

When You Can Redeem Your Home in a Florida Foreclosure

Florida is a judicial foreclosure state, which means that your lender will file a foreclosure lawsuit that will be brought before a judge.  Once that foreclosure action is complete and the house is sold, you can’t get it back. However, you do have an opportunity to redeem your home prior to a foreclosure sale.

Redemption requirements

Florida law allows homeowners to redeem a property in foreclosure at any time prior to:

• When the court clerk files the certificate of sale, typically one day after the home has been sold; or
• The date assigned by the court in the foreclosure judgment, whichever is later.

To redeem your home, you will need to pay the full amount of the unpaid loan as well as interest, court costs and attorney’s fees.

Other alternatives to foreclosure

Depending on your individual circumstances, there may be alternatives to foreclosure that would enable you to stay in your home. You may be able to pay off the past-due amounts to catch up on your loan, or work with your lender on other alternatives, including:

Mortgage modification — working with your lender to restructure your mortgage for more affordable payments may be an option. However, the loan modification process is extremely complex and most people find working with a lender directly both frustrating and confusing. If you need a loan modification to save your home from foreclosure, you should consult with a real estate attorney.

Forbearance agreement — this provides a short-term fix for distressed homeowners, where the lender agrees to reduce or suspend mortgage loan payments for a set period of time and not to file a foreclosure action during that time.

Repayment plan — this may be most useful to those who are suffering a temporary hardship, such as the loss of a job or divorce. You and your lender agree on a repayment plan that spreads your overdue payment amounts over a set period of time, adding a portion to each regular mortgage payment.

Whatever alternatives to foreclosure best fit your circumstances, the assistance of an experienced real estate attorney is essential to understanding the process.

Jurado & Farshchian, P.L. assists homeowners who are dealing with distressed loans, refinance transactions. and foreclosures. Contact one of the experienced Florida real estate attorneys at Jurado & Farshchian, P.L., at (305) 921-0440, or email us at info@jflawfirm.com.

 Share

The post When You Can Redeem Your Home in a Florida Foreclosure appeared first on Jurado & Farshchian, P.L. Business Lawyer, Real Estate Lawyer, Immigration Lawyer.