Q: In Florida, if a creditor does not send “Right to Redeem” or “ Notice of Sale”, does the deficiency balance get waived?
A:
In Florida, if a creditor does not send the "Right to Redeem" or "Notice of Sale" to the debtor after the foreclosure process, it may have implications for the deficiency balance. The "Right to Redeem" is a notice that gives the debtor a chance to pay off the outstanding debt and reclaim the property before it is sold at a foreclosure sale.
Failure to provide the proper notices may affect the creditor's ability to pursue a deficiency judgment, which is the amount still owed by the debtor after the foreclosure sale. In some cases, the deficiency balance could be reduced or waived if the creditor fails to follow the required procedures.
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