Foreclosure attorneys glossary

Short, plain-English definitions of the terms you'll meet when choosing a Foreclosure Attorney provider in Jacksonville Metro.

What is a certificate of sale?: A certificate of sale is the clerk-issued document given to a winning bidder at a foreclosure auction that confirms the sale and officially starts the redemption period under Florida law.
What is a certificate of title?: A certificate of title is the official document issued by the county clerk approximately 10 days after a foreclosure sale that confirms the transfer of legal ownership from the previous owner to the highest bidder.
What is a deficiency judgment?: A deficiency judgment is a court order requiring a borrower to pay the difference between the foreclosure sale price and the total debt owed to the lender.
What is a deficiency waiver?: A deficiency waiver is a written promise from the lender that it will not seek a judgment against the borrower for the difference between the property sale price and the remaining loan balance.
What is a final judgment of foreclosure?: A court order issued by a Florida judge in a judicial foreclosure case that establishes the outstanding debt owed, sets a date for the property sale, and concludes the litigation phase of the case.
What is a forbearance agreement?: A forbearance agreement is a temporary arrangement between a borrower and mortgage servicer that suspends or reduces monthly payments for a set period, with the unpaid amount due after the forbearance period ends through a lump sum, added to future payments, or a repayment plan.
What is a foreclosure mediation program?: A court-affiliated mediation process in Florida circuit courts that facilitates settlement negotiations between homeowners and lenders facing foreclosure.
What is a holder in due course?: A party who took possession of a promissory note in good faith, for value, without notice of defects or defenses, and thus can enforce the note despite defects that would otherwise be available to the borrower.
What is a lis pendens?: A lis pendens is a notice of pending litigation recorded against a property when a lender files a lawsuit, alerting the public that the property title is subject to the outcome of that case.
What is a loss mitigation affidavit?: A sworn statement required in Florida foreclosure cases certifying that the lender reviewed available loss mitigation options with the borrower before proceeding with judicial foreclosure.
What is a notice of default?: A notice of default is the formal written notice a mortgage servicer sends to a borrower who has missed payments, which begins a statutory cure period before the lender may accelerate the loan and initiate foreclosure proceedings.
What is a statute of limitations on mortgage debt?: A statute of limitations on mortgage debt is the time window within which a lender can file a foreclosure action, set at five years from the date of acceleration under Florida law.
What is a writ of possession?: A writ of possession is a court order issued after a foreclosure sale that directs the sheriff to physically remove the previous owner or any occupants from the property.
What is an acceleration clause?: An acceleration clause is a mortgage provision that permits the lender to declare the entire remaining loan balance due and payable immediately when the borrower defaults on payments or violates other loan terms.
What is an affidavit of indebtedness?: An affidavit of indebtedness is a sworn statement by a mortgage servicer declaring the principal balance, interest, fees, and other amounts allegedly owed on a mortgage loan at a specific date.
What is an affirmative defense?: An affirmative defense in foreclosure is a legal argument that assumes the lender's allegations are true but claims a separate reason why the foreclosure should not proceed, such as lender misconduct or improper notice.
What is an assignment of mortgage?: An assignment of mortgage is a recorded document that transfers the mortgage lender's rights and interest in a property to another party, typically an investor or servicer.
What is an order to show cause?: An order to show cause is a court directive requiring a homeowner to appear and present evidence of a valid defense to a foreclosure action, or face entry of a default judgment under Florida Statute section 702.10.
What is cash for keys?: Cash for keys is an agreement where a lender or new property owner pays an occupant to vacate a foreclosed property voluntarily and return it in undamaged condition, avoiding the time and expense of formal eviction proceedings.
What is judicial foreclosure?: Judicial foreclosure is a court-supervised process in which a lender files a lawsuit to foreclose on a property, requiring a judge's judgment and order of sale before the home can be sold at auction.
What is robo-signing?: Robo-signing is the practice of signing foreclosure affidavits, assignments, and other legal documents in bulk without personally reviewing or verifying the underlying facts or accuracy of each file.
What is SCRA foreclosure protection?: The Servicemembers Civil Relief Act (SCRA) is a federal law that provides active-duty military members with protections against foreclosure, including delayed proceedings and capped interest rates during military service.
What is standing in a foreclosure case?: Standing in foreclosure is the plaintiff's legal right to bring a foreclosure action, which requires proving ownership of or the right to enforce the promissory note at the time the suit is filed.
What is the right of redemption?: Under Florida law, the right of redemption allows a homeowner to pay off the full debt and costs owed before the clerk of court files the certificate of sale, stopping the foreclosure auction and reinstating the mortgage.