If you have fallen behind on your mortgage in Eustis, Leesburg, Clermont or anywhere else in Lake County, the most important thing to know is this: in Florida, foreclosure is a court process. That usually means it takes time, and time means options. The worst move is to do nothing.
How Foreclosure Generally Works in Florida
Florida is a "judicial foreclosure" state. In general terms, the process looks like this:
- Missed payments and a default letter. After missed payments, most lenders send a notice that the loan is in default and how much it takes to bring it current.
- The lawsuit. If the default is not cured, the lender files a foreclosure complaint in the circuit court for the county where the home is located. For Lake County homes, that is the court in Tavares.
- Service and your response. You will be formally served with the lawsuit. Florida rules generally give a defendant 20 days to respond. Do not ignore it. Talk to a Florida foreclosure attorney right away.
- Judgment and sale date. If the lender wins, the court enters a final judgment and sets a sale date. Foreclosure sales in Lake County are conducted by the Clerk of Court.
- After the sale. Florida law generally allows the owner to redeem the property up until the clerk files the certificate of sale, so even late in the process, a payoff or sale may still be possible.
Every case is different, and timelines vary a lot. Check the court docket for your case and get legal advice.
Your Options Before the Sale Date
- Reinstate or catch up if you can pay the past-due amount, fees and costs.
- Loan modification or repayment plan with your lender or servicer.
- Talk to a HUD-approved housing counselor, which is free.
- Sell the house before the sale date, pay off the loan at closing, and keep any equity.
- Short sale if you owe more than the house is worth and the lender agrees.
- Deed in lieu of foreclosure, if your lender offers it.
Why Selling Before the Auction Can Make Sense
If you have equity, a foreclosure auction is often the worst way to lose it. Selling first lets you pay off the loan, avoid a completed foreclosure on your record, and walk away with whatever is left over. A traditional listing can work if you have several months. If the sale date is close, or the house needs work, a cash buyer may be able to close faster.
How We Help Lake County Homeowners
We buy houses as-is across Lake County, and we can usually give you a no-obligation cash offer within 72 hours. You choose the closing date. We work with the title company to pay off your lender at closing. If selling isn't your best option, we'll tell you so.
Call us at (352) 508-7373 or request your offer. The sooner you call, the more options you have.
This article is general information, not legal advice. Talk to a Florida-licensed attorney about your specific case.