Can I Get My House Back After a Foreclosure?

Some homeowners are surprised to learn that it can be possible to get their houses back even after a foreclosure order has been issued by a court. This is called the “right of redemption.” The right of homeowners to redeem their homes after a foreclosure depends on the state laws where the property is located. Here in Florida, the right of redemption is found in Section 45.0315 of the Florida Statutes. This state law allows homeowners to redeem their homes after a foreclosure judgment is issued but before the clerk of court issues a certificate of sale. (The right of redemption can be extended even later if the court specifies a different date on the foreclosure order.)

In order to successfully redeem a property, the debtor must make all necessary payments. The foreclosure order will usually specify the total amount due. This is not just the arrears owed on mortgage payments – it also includes the lenders’ court costs and attorney’s fees. In some cases, the mortgage agreement will contain an acceleration clause that requires the entire balance owed on the mortgage to be paid before the homeowner can redeem the property out of foreclosure. These fees add up quickly.

Many homeowners are unable to pay all of these added costs, so redemption is not a legal right that is exercised very often. But it is a legal right that homeowners have under Florida law, so be sure to ask a real estate attorney whether this option is available to you.

Many Florida families are facing financial struggles in the wake of the coronavirus pandemic. Many will be forced to learn a lot about the Florida foreclosure process very suddenly. The experienced Casselberry and Oviedo foreclosure defense attorneys at Quattrochi, Torres, and Taormina are here to help. Call 407.452.4918 or contact us online to schedule your free consultation as soon as possible. The sooner you have an experienced attorney on your side, the better options you will have for keeping your home.