If you are dealing with foreclosure homes in Florida for the first time, you likely have a lot of questions no matter whether you are losing a home to foreclosure or looking to buy one. Today the experts here at Weidner Law are going to answer some of those questions for you!

Foreclosure Homes in Florida – Answering Your Foreclosure Questions

Q: Are foreclosures up in Florida?

A: Across the United States, foreclosure rates are dropping, but Florida still has foreclosure rates that are above the national foreclosure level. “Nationwide 0.05 percent of all housing units (one in every 2,112) had a foreclosure filing in the first half of 2021” [source] In the first half of 2021, though, the state of Florida has a foreclosure filing rate of 0.08 percent – the second highest behind Illinois which comes in at 0.09 percent.

Q: What does foreclosure moratorium mean?

A: When we refer to a foreclosure moratorium, we are talking about the CARES Act, § 4022(c)(2). This act prevents mortgage companies from:

  • Initiating any judicial or non-judicial foreclosure process
  • Moving for a foreclosure judgment or order of sale
  • Executing a foreclosure-related eviction or foreclosure sale

The CARES Act Foreclosure Moratorium expired on July 31, 2021.

Q: Is there a moratorium on foreclosures in Florida?

A: No. There was a foreclosure moratorium in effect in Florida when the CARES Act was in effect, but since its expiration, mortgage companies are able to resume foreclosure activity.

Q: Why are there so many foreclosed homes in Florida?

A: There are a few reasons why there are so many foreclosed homes in Florida including home affordability and vacation home status.

Firstly, many people living in Florida have been shoehorned into homes that are simply too much for them. With mortgage payments that they could barely make, these homeowners were the first to get themselves into trouble when COVID closures affected so many places of employment.

Secondly, a large percentage of homes in Florida are vacation homes or second homes. Since these homes do not serve as primary residences, they are the first to suffer when the economy hits a snag like it did during COVID.

Q: How long does it take to foreclose in Florida?

A:  When foreclosure goes through the court system in Florida, it can take between four to six months for the foreclosure process to complete assuming that there are no complications and you are not fighting against the case in court. If you hire a foreclosure attorney to help you through your foreclosure case, your foreclosure itself will be delayed.

Q: Will home prices in Florida drop?

A: Home prices in Florida are dropping but only slightly. According to the Miami Herald “Median sales prices of single-family homes in Miami-Dade dropped by 3% between April and May, from $515,000 to $500,000, despite a surge in the number of transactions. … Condo prices remained steady, with a median price of $325,000.”

Q: What happens after foreclosure in Florida?

A: If the mortgage company makes its case successfully, the court will set a foreclosure sale date on your home. This date is usually 35 to 120 days from the foreclosure court ruling.

Once your foreclosed home comes up for sale, you can bid.

There is a possibility to cancel the sale by filing a motion to cancel the sale with the court, but the court must agree to cancel the sale date and the motion to cancel the sale must be made within 10 days of selling the home.

If you do not argue against the sale within ten days of the certificate of sale being filed, the buyer of your house is issued a certificate of title. The next step in the foreclosure process is for the new owner of your house to take ownership.

If you are still living in your home when the certificate of title gets issued, you will receive a certified letter from the new homeowner demanding that you vacate the property. If you do not respond to this letter, the new homeowner can then file a Motion for Writ of Possession with the court. This is a motion allowing them to take possession of the home.

A court hearing is then arranged.

At the hearing, the judge enters an order demanding the clerk to sign the writ of possession. If you do not comply and do not leave your home after this writ has been signed, you are most likely going to be removed by local authorities – the local sheriff.

Q: How long do you have to move out after foreclosure in Florida?

A: Under new law in Florida, lenders must give homeowners 30 days to vacate the property in question after the foreclosure sale goes through. As we mentioned above, failing to vacate the property will result in removal by the authorities.

Looking For An Attorney Who Can Help You to Navigate Foreclosure Homes in Florida?

If you are looking for an attorney who can help you to navigate foreclosure homes in Florida or just the foreclosure process,  Weidner Law can help! Give us a call today at 727-954-8752 and let us know how we can help you!

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