Yo Yo Ma does not own his cello.  He plays an instrument made by Stadivari and on loan to him from the Louis Vuitton Foundation.  In a similar arrangement, Georgia residents who hit a wrong note on their home loan can be relieved quickly of playing house.  Florida home-dwellers, however, get to play a different tune.

In Florida, a homeowner owns their home even while they are paying off what they borrowed to buy the home.  If they miss a mortgage payment, they still own the home.  If they miss two mortgage payments, they still own the home.  If they have a foreclosure complaint filed against them, they still own their home.  A Florida homeowner owns his or her home all the way through the foreclosure process up until the Certificate of Title is issued (which typically happens about ten days after the foreclosure sale).

Georgia is a non-judicial foreclosure state.  Homebuyers there do not own their homes until they have paid off their home loan.  Thus the bank can move quickly to foreclose on property it owns and without judicial oversight.

The Florida foreclosure process gives homeowners greater opportunity to review their legal choices so they can pursue a strategy to their best benefit.  Seek competent legal counsel to help you review your personal situation and set your goals.