How long time does it take from the date the foreclosure is filed until you have to move out in Florida?
December 6th, 2011 | 
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Question by Buffy Bifford: How long time does it take from the date the foreclosure is filed until you have to move out in Florida?
Need to get some fact here if any body knows for sure. I have a friend in Florida that can’t pay for his/her house. How long do you think the bank will take before they file for foreclosure at the Courthouse? And then secondly, after the foreclosure is filed, how many days/months until the date is set to put the property under the “hammer”?
Best answer:
Answer by DebbieA
Once you have missed your 3rd payment you will receive a Notice of Default or NOD. The NOD will state that the lienholder is calling the note due (they want full payment) The NOD will state the auction date on it and will be 3 months from the time your received the NOD. So if you received the NOD on Oct 1 your auction date would be approximately Jan 1. Once the auction takes place you will have to vacate the property. In my state you have 20 days to vacate. I don’t know what Florida is as far as the vacate date.
If your friend knows that he is going to lose the house I would suggest that he wait until he gets his NOD and then before the auction date – at least a month before- contact his bank and ask about the “cash for keys” program. Many banks will set up a specific date for you move out and offer you cash for the keys to the house. the cash is meant to help you move and relocate. The cash can be anywhere from $ 500. to $ 5000. Depending on the house they are taking back.
Hope that helps
Know better? Leave your own answer in the comments!
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Each lender decides and have their own procedure as to when to initiate a foreclosure procedure. Some might initiate foreclosure procedures immediately after the first missed payment where others might not take the action to start a foreclosure even if you have not paid for 6-7 months.
Florida is a judicial foreclosure state therefore the courts will control the exact times of certain procedures to take place.
Judicial foreclosure in Florida is completely controlled by the court. The lender sues and obtains an order to foreclose. The court then defines the procedure to be followed.
The court may or may not order that the notice of sale be published in a newspaper. If so ordered, it is the responsibility to place the notice for publication on the terms ordered by the court.
The sale technically ends any equitable right of redemption; however the court may extend the time for redemption, but rarely does so. In fact, there is a period following the sale during which the court reviews the sale to ensure a fair price has been paid.
This usually takes about 10 days, and right of redemption remains in effect until court confirmation of the sale.
Should the court, for any reason, not confirm the sale, another sale is ordered.
The lender may also sue for a deficiency judgment.
You will be sent notices as to when your foreclosure began as well as when the foreclosure sale is to take place, followed by an agent of the bank of the new buyer making contact with you and them to agree on a date for you to move.
Failure on your part to move will cause the new owner or bank to start eviction procedure against you.
About the cash for keys, again this is on a bank by bank deal. Some of the lenders and banks do this and some don’t. So don’t depend on them to give you any money what so ever. If they do then fine and well, but the bank or new owners are obligated to give you funds to move, that is your responsibility.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”