3,847 Listings    55 New Listings    235 Foreclosures    29 Rental Homes and Condos   53 Recent Price Changes     
Gainesville Real Estate

Gainesville Florida Foreclosure Process

The foreclosure process is typically completed within 180 days of the first missed mortgage payment, but can vary between lenders and their policies.

Florida Home Foreclosure Process Step 1

1st mortgage payment missed

The lender will usually send a letter requesting payment.

 

Florida Home Foreclosure Process Step 2

2nd mortgage payment missed

The lender will usually send a letter requesting payment and call to discuss payment options.

 

Florida Home Foreclosure Process Step 3

3rd mortgage payment missed

The lender will send a "Notice of Default" notifying the borrower that they have 30 days to bring the mortgage current. The lender will file a "lis pedins" (lawsuit pending) notification with the county court.


Florida Home Foreclosure Process Step 4

Judicial Mortgage Foreclosure Sale

This is the actual day of foreclosure. At the sale, the public can bid on the property but usually the bids are not high enough to cover the balance of the mortgage. In this case, the bank will be the highest bidder to protect their interest in the property.

 

Florida Home Foreclosure Process Step 5

Redemption Period

The redemption period allows the court to review the sale and address any objections. This period usually lasts 10 days.

 

Florida Home Foreclosure Process Step 6

REO - Bank Owned

After the redemption period is over, the title to the property passes to the lender and the property is now Real Estate Owned.


To see a list of upcoming foreclosure sales in Gainesville and Alachua County, please visit the Alachua County Clerk - Foreclosure Sales website. All sales are held at 11:00am on the listed date in the lobby of the Alachua County Family and Civil Justice Center, located at 201 E University Ave in Gainesville, Florida.

Properties that fail to receive a bid high enough to cover the amount owed on the mortgage will be bought by the lender and become Real Estate Owned. These properties will be retained by the bank and eventually listed for sale. Go back to our foreclosures page to search these Bank Owned properties.

Allison Ables