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In Florida, foreclosures are judicial, which means the lender must file a lawsuit in state court. The lender initiates the foreclosure by filing a complaint with the court and having it served to the borrower, along with a summons. If you win the case, the court will enter a judgment of foreclosure and the property will be sold to satisfy the debt. When the homeowner took out the loan, he signed both a mortgage and a promissory note. The promissory note is what establishes the homeowner's liability to pay you the mortgage loan. The mortgage creates a lien on the property. You as the holder of the note are the only party that has the right to foreclose on the property. The plaintiff (the owner of the loan) must prove its right to foreclose by filing additional items along with the foreclosure complaint, including:
(1) a certification that the plaintiff is in possession of the original promissory note, or
(2) if the note has been lost, a lost note affidavit with a clear chain of all endorsements, transfers, or assignments of the promissory note.
This helps to ensure that an improper party is not pursuing the foreclosure.
The property must be sold to satisfy the loan as the excess or equity must go to the homeowner.
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