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Foreclosure Archives

How do foreclosures work?

Homeowners in Florida may be interested in understanding more about the foreclosure process. Foreclosures may be described as a mortgage holder or a third-lien holder's right to obtain ownership and sell property. When the lien is in default status, the lien holder may use the proceeds from the sale to pay off the mortgage. The law provides mortgagors with a reasonable amount of time to pay off a property in default status before it is taken away.