Foreclosure Process For Assignees

Summary

In Florida, if the assignee of a land contract wants to retrieve the property due to default, they generally must go through the foreclosure process. This includes sending a Notice of Default, filing a lawsuit if the default is not cured, obtaining a court order to foreclose, and selling the property at a public auction. Additionally, once a land contract is fully satisfied, the assignee is generally required to file a satisfaction of mortgage. This involves preparing a Satisfaction of Mortgage document, signing it in the presence of a notary, and recording it in the county where the property is located. Consult a local attorney for specific advice.