It is never easy to deal with foreclosure. Losing a property due to unsettled mortgage debt may be stressful, but it is even worse in the case of rental property. Having a rental property foreclosed in Florida means a significant loss of income, which is never a good thing.

When a property under a lease contract is foreclosed, the tenant has a specific period to move out after the certificate of foreclosure sale is filed. In such cases, lenders must be aware of their duties before evicting tenants upon foreclosing a property.

In this article, you will discover how much time a tenant has to move out after foreclosure in Florida.

How Long Do You Have to Move Out After Foreclosure in Florida? – As Provided by Law

Titled as the “Protecting Tenants at Foreclosure Act,” Florida Statutes §83.5615 provides that lenders must give tenants a specific period to vacate a foreclosed property after the foreclosure sale is officially complete.

Specifically, the law provides that “any immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to the successor in interest providing a notice to vacate to any bona fide tenant at least 90 days before the effective date of the notice.”

Additionally, the tenant occupying the premises has the rights of any bona fide tenant, which must be respected by the lender.

As provided on Florida Statutes § 83.561(4), the lender will not assume the obligations of an existing lease agreement, unless the lender expressly chooses to do so by assuming the agreement.

In most cases, a lender will rather evict the tenant living in the rented premises than maintain a tenant-landlord relationship by assuming an existing lease agreement.

Before evicting a tenant living in a foreclosed property, the lender must submit a written 90-day notice of termination. Also, the lender must either deliver or mail a copy to the property or leave a copy at the premises.

Upon receiving written notice of termination, the tenant may remain on the premises until the period expires.

Is There Hope for a Former Homeowner After Foreclosure in Florida?

In fact, there is still hope for homeowners who happened to lose their properties during foreclosure in Florida. Nonetheless, once the foreclosure sale is complete, the remaining options are scarce.

First, it will depend on two main factors – whether the property is still in the pre-foreclosure sale phase or was already sold to a third party. If the foreclosure sale did not happen yet, it is possible to fight the case with the help of an expert attorney.

In this context, the legal defenses used in court will depend on each individual’s circumstances. Regardless, it is fundamental to work with an expert attorney to find a way out of foreclosure.

However, if the foreclosure sale is complete, the original owner usually has one day until the clerk files the certificate of sale. Within this strict one-day period, the former homeowner may have a chance to reclaim the property with the help of an experienced foreclosure attorney.

After the clerk has filed the certificate of sale, the original homeowner has the right to buy back the property within ten days from the filing. However, it may incur other expenses, including the outstanding amount owed in the mortgage and extra fees.

There is Life After Foreclosure in Florida – Work with Jurado and Farshchian, P.L.

Although it may be a complicated and energy-demanding process, foreclosure is not the end of the world. Assess your options and reorganize your financial life by calling Attorney Romy B. Jurado today at (305) 921-0976 or emailing [email protected].