Foreclosure Judgments Are Final

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Florida foreclosures are judicial, which means that a lender must bring a lawsuit to obtain a judgment of foreclosure and sell the property to satisfy the underlying mortgage debt. The action proceeds normally like any other lawsuit and the defendant-borrower must be served with the complaint.

When the Florida Fair Foreclosure Act (FFFA) was signed into law in 2013, it made several significant substantive changes to the Florida foreclosure process. The law was intended to speed up the foreclosure process and reduce stress on an already overloaded Florida court system. It also firmly establishes the finality of foreclosure judgments once a foreclosed property is transferred by the foreclosing lender to a third-party purchaser. The former owner may pursue money damages against the lender, but may not win back the title to the foreclosed property.

Thus, the Florida Fair Foreclosure Act makes foreclosure judgments final in that a homeowner loses any right to recover the foreclosed property. Any action to set aside, invalidate, or challenge the validity of a final judgment of foreclosure is limited to monetary damages if a lender meets certain prescribed conditions.

As a result of the FFFA, a victim of a wrongful foreclosure may still lose a home if the borrower/homeowner was properly served; a final judgment of foreclosure was entered; the time for an appeal has run and no appeals were taken or, if taken, was resolved; and the property was purchased by a person or entity unaffiliated with the lender and borrower.

The experienced Fort Lauderdale foreclosure defense attorneys at Loan Lawyers are here to help you if you are facing the foreclosure of your home. To schedule a free consultation at any of our three conveniently located offices, contact us at 954-523-HELP (4357).