Pre-foreclosure and foreclosure timelines vary in Florida. In general, the foreclosure process takes between 8 to 14 months. In this article, we will outline the process and answer the question ‘How long does it take for a foreclosure’ in more detail.
Pre-Foreclosure Timeline in Florida
The pre-foreclosure process in Florida usually takes 30 to 90 days. When a homeowner defaults on their mortgage, they will first receive a notice of default from the lender. The homeowner then has 30 days to pay their mortgage. After 30 days, the lender has the right to file the foreclosure, though they often wait an additional 60 days.
Florida Foreclosure Process Timeline
So, after pre-foreclosure, how long does it take for a foreclosure? Well, in Florida, it usually takes between 140 to 215 days. The Florida foreclosure process timeline is broken down into four stages:
- Filing and Serving the Foreclosure: 15 days
- Time to Respond to Foreclosure: 20 days
- Serving Discovery: 45 – 90 days
- Summary Judgment Hearing: 60 – 90 days
Filing and Serving the Foreclosure
To move from pre-foreclosure to foreclosure, the lender files a lawsuit against the homeowner. Once the lender is issued a case number, they then serve the homeowner with the lawsuit. If the lender is unable to serve the homeowner in person, they will then do a service of process by publication. Service by publication basically means the lawsuit will be made public in writing, which qualifies as notifying the homeowner.
Time to Respond to Foreclosure
Once served, the homeowner has 20 days to respond to the foreclosure. The response is either admittance or denial of the allegations. The homeowner’s response determines the rest of the Florida foreclosure process timeline.
In legal terms, “discovery” is information that supports or denies claims in a lawsuit. The lender or homeowner can serve discovery, and the receiving party has 30 days to respond. If a party does not respond within 30 days, the server can file a Motion to Compel to proceed.
Summary Judgment Hearing
Once the lender is satisfied with the discovery, the lender will file a Motion for Summary Judgment. At this final hearing, the lender will present their case and try to disprove any defenses by the homeowner. If successful, the court will establish a foreclosure sale date. The sale date is usually within 35 to 120 days of the judgment.
How to Stop Foreclosure at the Last Minute
There are ways to stop foreclosure at the last minute, or at least postpone it. You may be able to modify your loan or file for bankruptcy. Before bankruptcy, you should consider selling your house as-is to companies that buy houses for cash. If pressed for time, they may be able to pay enough to satisfy your loan. And, they generally close the sale in 7-10 days. By selling your house fast, you can avoid foreclosure and spare your credit.
Tropic Coast Homes pays cash for homes in any condition in Southwest Florida. If you are facing foreclosure, it helps to know all of your options. Contact us today for a no-obligation purchase offer.