The difference between Florida and Georgia is more than geography. Looking at how each state handles home foreclosure is like comparing peanuts to oranges. Georgia has non-judicial foreclosure, which goes a lot faster.
It has to do with how property is owned. In Georgia, if you use a loan to buy a house, the bank owns that house until you pay off the loan; whereas, in Florida, you are the homeowner even if you borrowed money to buy the house, and even if you are unable to make the payments and the house goes into foreclosure…you still own it. You own your home up until the Certificate of Title is issued (usually about ten days after the foreclosure sale).
Because of the judicial system of Florida’s home foreclosure, the process is longer than that of Georgia’s. In Georgia, since the bank already owns the property, the process has fewer steps, giving the borrower less time to react.
Florida homeowners have the advantage with more time on their side of the State Line. They have greater opportunity to talk with their loan servicer to work out a deal, and even discuss their situation with an attorney to learn what legal defenses may be available to them, which could further facilitate either remaining in the home with modified financing or moving to more affordable housing.
The number of foreclosures in Florida is decreasing, which is good. However, if you are one of the homeowners in the increasing minority of foreclosures, seek competent legal counsel to discuss the specifics of your case. Not every foreclosure case is the same just as not ever State is the same in the foreclosure process.