What Is the Process?

• Foreclosure in the U.S. are done through a judicial or nonjudicial process. In Florida, all foreclosures are done through the judicial process. They begin with the lender filing a complaint against the borrower for not making payments as agreed and also recording a "lis pendens," or notice of pending lawsuit on the property title. After a court judgment against the borrower, the court clerk advertises the property for sale at a foreclosure auction and it is sold. If the mortgage was for more than the value of the house, the lender usually ends up owning it.
  
  

Do I Have to Go to Court?

• You will be served with a summons and complaint at the beginning of the process. You have 20 days to respond with what is called an "answer." If you fail to respond, the lender will file for a summary, or expedited, judgment against you. If you file an answer the court will set a hearing. You do not have to file an answer and you do not have to go to court, whether you file an answer or not. If, however, you want to challenge the foreclosure or ask the judge for more time before he issues the judgment, this is your chance.
  
  

How Long Will the Process Take?

• RealtyTrac.com lists 135 days as the length of time for a foreclosure in Florida. However, this appears to be the minimum amount of time a foreclosure could take in the state, given statutory requirements for notice at different points in the process. In a monthly report on foreclosures nationwide, LPS, a title and mortgage servicing firm, reports that a foreclosure in Florida averaged 638 days in early 2011.
  
  

Can the Bank Go After Other Assets?

• Florida is what is known as a deficiency judgment state. A deficiency judgment is a court judgment against the borrower for the difference between the price of the house at foreclosure auction and the outstanding loan balance. After a lender completes a foreclosure and sells the house, it has five years to file in court for a deficiency judgment.
  
  

How Will This Affect My Credit?

• Fair Isaac, creator of the FICO score, told CNN Money that your credit score will be hit hard by a foreclosure. Ironically, if you went into the process with a great credit score your score will drop more than it would if your score was poor to begin with. The range your credit score might drop could be from 85 to 160 points. A foreclosure will stay on your credit report for seven years.