Florida residents who are in the midst of a foreclosure case are entitled to the Equitable Right of Redemption, which is the liberty to keep their home before the foreclosure sale by paying off the total mortgage debt and associated costs.

Can the bank take your house in Florida?

In Florida, banks can go to court for a “deficiency judgment” to collect the rest of the money owed on a mortgage after foreclosure, said Anthony di Marco, vice president of the Florida Bankers Association. Banks can pursue other assets with that judgment.

What does it mean if your home loan is in default?

A mortgage default arises when a borrower fails to make monthly payments to their principal balance or interest on a home loan. Yet, defaulting can also occur with credit card and student loans. A mortgage default can cause a borrower to lose their house and damage their credit score.

Can you lose your house in Florida?

In most cases, you cannot lose your house in a lawsuit in Florida. The most important and well-known exemption from creditors is the homestead exemption of real property. Your home is protected from creditors in Florida subject to acreage limitations. There is no monetary limit on the homestead exemption.

Are there grounds for setting aside a Florida default home town law?

In fact, there is a “principle of liberality in setting aside defaults so that lawsuits may be decided on their merits.” Lindell Motors, 727 So. 2d at 1113. To be relieved of a default, a defendant must demonstrate excusable neglect, a meritorious defense, and due diligence in seeking relief.

What happens when a default is entered in a Florida court?

If a party in default files any paper after the default is entered, the clerk shall notify the party of the entry of the default. The clerk shall make an entry on the progress docket showing the notification. Vacating Defaults. – Florida public policy favors the setting aside of defaults so that controversies may be decided on the merits.

What happens when a default is entered in a document?

If a party in default files any document after the default is entered, the clerk must notify the party of the entry of the default. The clerk shall must an entry on the progress docket showing the notification. (d) Setting aside Default.

Can a clerk’s default be obtained in court?

However, because obtaining a Final Judgment requires time in front of a judge, and with Court overcrowding as it is, many prefer to obtain a clerk’s default since it usually can be obtained more quickly than a Court Default.