Foreclosure
The legal process by which a lender forces the sale of mortgaged property after the borrower defaults. Florida uses judicial foreclosure through the courts.
Foreclosure is how a lender enforces its mortgage lien after the borrower defaults. The lender files suit, the court oversees the case, and the property is sold to satisfy the debt. Florida is a judicial foreclosure state because it follows lien theory.
A Florida foreclosure typically begins with a recorded lis pendens, which warns the public that a lawsuit affecting the title is pending.
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Residential Mortgages (9% of the exam)
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- Lien Theory
The rule, followed in Florida, that a borrower keeps title to mortgaged property while the lender holds only a lien.
- Lis Pendens
A recorded notice that a lawsuit affecting title to a property is pending, warning third parties that the outcome could affect the property.
- Deficiency Judgment
A court judgment against a borrower for the loan balance still owed after a foreclosure sale brings less than the debt.
- Equity of Redemption
The borrower's right to stop a foreclosure by paying the full amount owed before the foreclosure sale is finalized.
This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.