Foreclosure basics



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In Florida, when a borrower obtains a loan to purchase real estate property, the lender (usually a bank or mortgage company) places a lien on the property as security for the loan. The mortgage is the document that officially establishes such a lien on the property. If the borrower fails to make payments, the lender may foreclose on the lien or mortgage—which means the property is sold to cover the loan debt.
To foreclose on a lien or mortgage, the lender files for a judicial foreclosure, which is a court proceeding that issues a judgment, foreclosing on the property. A public sale is held and the property is sold. The recorded document that notifies the public of foreclosure is called a lis pendens.
See more information about Florida statutes that govern the foreclosure of mortgage, agreements for deeds, and statutory liens at Florida Statute, Chapter 702.

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