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So what happens if a foreclosure judgment is entered against you and you find the necessary funds, whether through a loan or otherwise, to pay it off? Under Florida law (Fla. Stat. 45.0315), you have the right to pay off the judgment and save your property by paying it off before the foreclosure sale takes place.

We call this “exercising the right of redemption.” To “redeem” means to pay off the judgment. The law says you must do this before the foreclosure sale unless the Final Judgment of Foreclosure specifies a different time for redemption.

For example, I had a case one time where the Final Judgment of Foreclosure permitted the homeowner to satisfy the judgment before issuance of the certificate of title, which is typically 10 calendar days after the foreclosure sale takes place.

When redeeming, or paying off, a judgment, you would tender payment to the Clerk of Court, who will then remit payment to the judgment holder. The foreclosure sale should then be canceled but keep your eye on it to make sure the ball does not get dropped and the property inadvertently goes to a foreclosure sale.

 

Best Regards,

 

Ryan C. Torrens, Esq.

Consumer litigation attorney