If during a financial struggle, you miss a mortgage payment; your first worry may be whether the lender will foreclose on your home. In the state of Florida, judicial foreclosure is a requirement. This means that a mortgaged property sells under the supervision of a court. The proceeds of said sale will satisfy the mortgage and then the lien holders. Can you remain in your home during a foreclosure?
The answer is yes. According to Investopedia, the judicial foreclosure lasts from six months to three years. The mortgage servicer has to wait to file a foreclosure. The borrower needs to be delinquent for at least four months before a lender can seek foreclosure as an option. Once the time limit passes, the servicer notifies the foreclosing party. This allows the debtor to know he or she is in default on the mortgage. You then have 30 days to resolve the default. If you cannot, then the foreclosure proceedings begin.
During the foreclosing proceedings, the borrower can stay in the home. Until the foreclosure proceedings finish, the person residing in the home still has all of the rights to the home. That person is still the homeowner. The foreclosing party will enter a petition into the court to convince a judge to issue the foreclosure. In some instances, a judge will not issue a foreclosure if the borrower has a justifiable defense for not paying the mortgage. This is why until the case is finished; a person may remain in his or her home.
None of the information here is legal advice but is instead educational.