Sarasota Foreclosure Laws - Frequently Asked Questions

What does foreclosure mean?

Foreclosure is a legal action in which a bank files a lawsuit that a borrower defaulted on a mortgage loan or when a borrower is behind on their mortgage payments. Under foreclosure law, the lender may file a foreclosure lawsuit to seize the property. If the bank or mortgage company does not sell the property to satisfy the mortgage , they have the option to pursue the rest of the loan from the borrower – this is called deficiency judgment.

Is it possible to avoid a deficiency judgment?

Yes, it is possible to avoid a deficiency judgment but it's not guaranteed.  To obtain a waiver for a deficiency judgment you should consult an attorney in order to avoid legal and tax consequences.

How long do I have to answer a foreclosure Complaint?

You have 20 days to answer the complaint.  If you do not answer the complaint in 20 days you may have other options.  You should contact a foreclosure attorney right away.

What is a mortgage modification?

A loan modification is a change to the original mortgage terms.  This includes a change to the product, unpaid principal balance, amortization term, maturity date, and interest rate.  These are made to make the loan more affordable for the borrower.

What is judicial foreclosure?

In Florida the foreclosure process is controlled by the court. The bank must start the process by filing its case, but the court then has control over the handling of the case and the entry of the Final Judgment of Foreclosure. The court orders the sale date after the judgment is granted by the court after a hearing and publication of the sale to be held.

Contact us today

For immediate legal assistance with foreclosure defense, contact R. John Cole, II, & Associates, P.A. at (941) 365-4055 today.