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We have often discussed foreclosures in Florida. Those blog posts might have some of our readers wondering how the foreclosure process works in the state. Knowing a little bit about foreclosures might help you to make decisions about how you should handle a foreclosure.

What are the two types of foreclosure?

There are two types of foreclosures in the United States: judicial and non-judicial. Judicial foreclosures are allowed in all states. A judicial foreclosure, which is the type allowed in Florida, involves the lender using a civil process to complete the foreclosure. A non-judicial foreclosure bypasses the court and uses an auction to complete the foreclosure.

How long is the foreclosure process in Florida?

A foreclosure in Florida takes five months to complete. Unlike some states, Florida doesn’t offer a redemption period for homeowners to reclaim their home by paying the amount owed. Instead, the judicial foreclosure can be a strict foreclosure that reverts ownership of the property to the lender on a specified date if the amount owed isn’t paid prior to that date.

What should I do if I’m served with foreclosure documents?

There are several courses of action you can take in Florida. Because each situation is different, there isn’t really a one-size-fits-all answer to that question. Instead, you should learn about the various avenues so you can make a decision that fits your needs. With the short amount of time a foreclosure takes in Florida, it is vital for you to work quickly if you want to try to stop the foreclosure on your home.

Source: Property Radar, “Types of Foreclosure” Nov. 07, 2014