Florida Leading the Nation in Foreclosures
Although the economy is slowly recovering from the recent recession, property foreclosures are still an everyday occurrence, especially here in Florida. According to a report recently released by RealtyTrac, Florida’s foreclosure rate increased more than 50% from 2011 to 2012, and the foreclosure forecast for the coming year isn’t looking any brighter.
What You Need to Know About Foreclosure Law
Florida is a “lien theory” state, which means that foreclosure is handled as a lawsuit and must go through the court system. Because the foreclosure process can take up to two years, lenders often turn to professional process servers like Accurate Serve of Tallahassee to keep things moving along swiftly.
Upon being served, borrowers have 20 days to respond. They have the option to contest, seek delay/adjournment, or file for bankruptcy. Judgment is typically issued within 180-200 days, baring any delays and pursuant to the circuit court calendar.
