What Is the Right of Redemption in a Florida Foreclosure Case?
If you are facing foreclosure in Florida, you may assume that once your lender files suit, the outcome is inevitable. That is not necessarily true. Florida law gives homeowners a specific, court recognized opportunity to stop a foreclosure sale even after a final judgment has been entered, known as the right of redemption. Understanding how this right works, and how little time is available to use it, can matter a great deal to a homeowner trying to hold on to their property. Our South Florida foreclosure attorneys can explain how it applies to your case.
How the Right of Redemption Works
Under Florida law, a homeowner facing foreclosure has the right to redeem the property by paying the full amount owed under the foreclosure judgment. This is different from simply catching up on missed payments. Redemption requires paying off the entire judgment amount, including principal, accrued interest, and awarded costs, not just the arrears that caused the default. Because this typically requires a substantial lump sum, redemption is not realistic for most homeowners, but for those who can arrange the funds, whether through refinancing, family assistance, or selling other assets, it can preserve ownership even late in the process.
There Is a Strict Deadline to Redeem
Timing is critical. A homeowner’s right to redeem generally exists up until the clerk of court files the certificate of sale following the foreclosure auction, unless the final judgment sets an earlier deadline. Once that certificate is filed, the opportunity to redeem is generally lost, and ownership shifts toward the successful bidder. Because Florida does not provide a post sale redemption period, there is no second chance. Anyone considering redemption needs to move quickly and confirm the exact deadline that applies.
Redemption Is Different From Reinstatement
Homeowners sometimes confuse the right of redemption with reinstating a loan. Reinstatement generally involves paying only the missed payments, fees, and costs to bring a loan current before a judgment is entered, and it depends on the mortgage contract rather than a statutory guarantee. Redemption, by contrast, is a right recognized under Florida law that applies later in the process, even after a judgment has been entered, but it requires paying the full judgment amount rather than just the past due balance.
Other Alternatives May Be Available Earlier in the Process
Because full redemption is out of reach for many homeowners, it is often more realistic to pursue alternatives earlier in a case. Loan modification, a repayment plan negotiated with the servicer, or filing for bankruptcy can each pause or resolve a foreclosure before a final judgment. Federal servicing rules generally require lenders to evaluate a homeowner for loss mitigation before proceeding, which makes early communication with a servicer, and with an attorney, important.
Contact Our West Palm Beach Foreclosure Attorneys Today
Facing foreclosure can feel overwhelming, but Florida law provides more than one avenue for homeowners trying to keep their property, even after a judgment has been entered. As discussed above, the right of redemption offers a path forward, though a narrow one, and understanding the applicable deadline is essential to using it successfully. If you are behind on your mortgage or already facing a foreclosure lawsuit, our West Palm Beach foreclosure attorneys at Kelley Kaplan Delaney & Eller, PLLC can review your case and help you understand every option available, from redemption to loan modification to bankruptcy.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0045/Sections/0045.0315.html
