October 01, 2020
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       Florida Senate - 2010                                    SB 2270
       
       
       
       By Senator Bennett
       
       
       
       
       21-01523-10                                           20102270__
    1                        A bill to be entitled                      
    2         An act relating to foreclosure proceedings for
    3         nonhomestead property; creating part II of ch. 702,
    4         F.S.; creating the “Nonjudicial Foreclosure Act for
    5         Nonhomestead Properties”; defining terms; specifying
    6         the application of the act to mortgages or other
    7         security interests; specifying the extent to which
    8         parties to a security instrument may agree to deviate
    9         from certain provisions of the act; specifying the
   10         application of principles of law and equity;
   11         specifying the manner in which a secured creditor must
   12         give notice to a recipient; defining terms relating to
   13         the delivery and receipt of a notice; providing that a
   14         transaction that is intended to create a security
   15         interest does so irrespective of certain documents;
   16         specifying the time of foreclosure; specifying acts
   17         that constitute abandonment of a homestead property;
   18         providing for the application of the act to a
   19         homestead property that has been abandoned; specifying
   20         methods by which a secured creditor may foreclose and
   21         sell a property subject to foreclosure; requiring a
   22         notice of default and providing a right to cure before
   23         a foreclosure may be initiated; providing an exception
   24         to the requirement for a notice of default and the
   25         right to cure; specifying the information that must be
   26         contained in a notice of default; specifying the
   27         manner in which a notice of foreclosure must be given;
   28         specifying the information that must be contained in a
   29         notice of foreclosure; authorizing a person to record
   30         in the public record a request to receive a notice of
   31         foreclosure; imposing a penalty on a foreclosing
   32         creditor who fails to notify a person who recorded a
   33         request for a notice of foreclosure; authorizing a
   34         residential debtor to request a meeting to object to a
   35         foreclosure; requiring the foreclosing creditor to
   36         meet with a residential debtor who requests a meeting
   37         to object to the foreclosure; requiring that notice be
   38         given after that meeting as to whether the foreclosure
   39         will proceed or be discontinued; specifying the period
   40         within which a foreclosure must occur after a notice
   41         of foreclosure; authorizing a person to commence a
   42         proceeding in court to challenge a foreclosure under
   43         certain circumstances; providing that a person has the
   44         right to redeem the collateral for a security interest
   45         before the time of foreclosure; specifying
   46         requirements for a foreclosure by auction; requiring a
   47         foreclosing creditor who elects to foreclose by
   48         auction to have evidence of title; limiting the
   49         liability of the foreclosing creditor because of
   50         errors in information provided to prospective bidders;
   51         requiring a foreclosing creditor to advertise a
   52         foreclosure sale; specifying authorized methods to
   53         advertise a foreclosure sale; specifying the
   54         information that must be contained in an advertisement
   55         for a foreclosure sale; requiring a foreclosing
   56         creditor to grant access to prospective bidders to
   57         real property that is the subject of a foreclosure
   58         sale under certain circumstances; specifying the date,
   59         time, and place of an auction sale; specifying
   60         circumstances under which parcels may be combined for
   61         purposes of an auction sale; specifying procedures to
   62         postpone and reschedule an auction sale; requiring
   63         that a person designated by the foreclosing creditor
   64         conduct an auction sale; specifying duties of the
   65         person conducting the auction sale; specifying
   66         procedures for bidding at an auction sale; requiring
   67         that the highest bidder at an auction sale pay a
   68         deposit; requiring the highest bidder to pay the full
   69         amount of the sale within a certain period of time;
   70         providing that the highest bidder may forfeit the
   71         deposit if payment in full is not made within a
   72         certain period of time; providing for the distribution
   73         of funds from a foreclosure sale; requiring the
   74         foreclosing creditor to convey the foreclosed property
   75         to the highest bidder upon payment in full; requiring
   76         the foreclosing creditor to record an affidavit in the
   77         official records relating to the foreclosure on the
   78         security instrument; providing procedures for a
   79         foreclosing creditor to discontinue a foreclosure;
   80         specifying requirements for a foreclosing creditor to
   81         foreclose by negotiated sale; requiring a foreclosing
   82         creditor that intends to foreclose through a
   83         negotiated sale to give a notice of the proposed
   84         negotiated sale; specifying the contents of the
   85         notice; specifying procedures to complete a
   86         foreclosure by negotiated sale; authorizing a person
   87         to object to a proposed foreclosure by negotiated
   88         sale; requiring the foreclosing creditor to execute an
   89         affidavit relating to a foreclosure by negotiated
   90         sale; requiring a deed and bill of sale to be recorded
   91         in the public records after a foreclosure; providing
   92         for the distribution of funds from a foreclosure by
   93         negotiated sale; authorizing a person holding an
   94         interest in collateral that is subordinate to the
   95         interest of the foreclosing creditor to object to a
   96         foreclosure sale; specifying procedures that must be
   97         followed by the foreclosing creditor if a person
   98         having a subordinate interest objects to a foreclosure
   99         sale; specifying procedures that must be followed by a
  100         secured creditor that elects to foreclose by
  101         appraisal; requiring a foreclosing creditor that
  102         elects to foreclose by appraisal to obtain a written
  103         appraisal of the collateral; requiring persons in
  104         possession of the real property collateral to provide
  105         access to the property for an appraisal; specifying
  106         the qualifications of an appraiser; requiring a
  107         foreclosing creditor who elects to foreclose by
  108         appraisal to give a notice of appraisal; specifying
  109         the contents for the notice of appraisal; authorizing
  110         a person holding an interest in the collateral that is
  111         subordinate to the interest held by the foreclosing
  112         creditor to object to a proposed foreclosure by
  113         appraisal; requiring a foreclosing creditor to execute
  114         an affidavit relating to a foreclosure by negotiated
  115         sale; requiring the foreclosing creditor to record the
  116         affidavit in the public records; specifying procedures
  117         that a foreclosing creditor must follow if an
  118         objection to a foreclosure by appraisal is made by a
  119         person having a security interest in the collateral
  120         that is subordinate to the interest held by the
  121         foreclosing creditor; specifying the distribution of
  122         the proceeds of a foreclosure sale and investment
  123         earnings on those proceeds; limiting the liability of
  124         the foreclosing creditor for an erroneous distribution
  125         of the proceeds of a foreclosure sale under certain
  126         circumstances; specifying the effect of a foreclosure
  127         sale; authorizing a person aggrieved by foreclosure to
  128         commence a proceeding in court for damages or to set
  129         aside the foreclosure under certain circumstances;
  130         authorizing a person who acquires an interest in
  131         property that was the subject of a foreclosure to
  132         obtain a writ of possession to commence an action for
  133         ejectment or unlawful detainer; authorizing a
  134         foreclosing creditor or other person who had a
  135         security interest in the collateral before foreclosure
  136         to obtain a judgment against a person who is liable
  137         for the deficiency; specifying circumstances under
  138         which a debtor is not liable for a deficiency;
  139         specifying the amount of a deficiency for which a
  140         debtor may be liable; requiring that the act be
  141         construed consistently with similar acts in other
  142         states; specifying the extent to which the act
  143         modifies, limits, and supersedes the federal
  144         Electronic Signatures in Global and National Commerce
  145         Act; providing an effective date.
  146  
  147  Be It Enacted by the Legislature of the State of Florida:
  148  
  149         Section 1. Part II of chapter 702, Florida Statutes,
  150  consisting of sections 702.201, 702.202, 702.203, 702.204,
  151  702.205, 702.206, 702.207, 702.208, 702.209, 702.211, 702.212,
  152  702.213, 702.214, 702.215, 702.216, 702.217, 702.218, 702.219,
  153  702.2201, 702.2202, 702.2203, 702.2204, 702.2205, 702.2206,
  154  702.2207, 702.2208, 702.2209, 702.221, 702.2211, 702.2212,
  155  702.2213, 702.231,702.232, 702.233, 702.234, 702.235, 702.236,
  156  702.241, 702.242, 702.243, 702.244, 702.245, 702.246, 702.251,
  157  702.252, 702.253, 702.254, 702.255, 702.256, 702.261, and
  158  702.262, is created to read:
  159                               PART II                             
  160       NONJUDICIAL FORECLOSURE ACT FOR NONHOMESTEAD PROPERTIES     
  161         702.201 Short title; scope of application.This part may be
  162  cited as the “Nonjudicial Foreclosure Act for Nonhomestead
  163  Properties.” In lieu of any other foreclosure remedy that may be
  164  available, this part may, at the option of the foreclosing
  165  creditor, be used to effect a foreclosure of a security
  166  instrument in any real or personal property that is not
  167  homestead property as defined by s. 4, Art. X of the State
  168  Constitution. The foreclosure remedy available under this part
  169  does not modify any other foreclosure remedy available under
  170  state law.
  171         702.202Definitions.—As used in this part, the term:
  172         (1) “Collateral” means property, real or personal, subject
  173  to a security interest.
  174         (2) “Common-interest community” means real property for
  175  which a person is obligated to pay ad valorem taxes, insurance
  176  premiums, maintenance, or improvement of other real property
  177  described in a declaration or other governing documents, however
  178  denominated, by virtue of the community’s or association’s
  179  ownership of the property or the holding of a leasehold interest
  180  of at least 20 years, including renewal options under the lease.
  181  The term includes a community governed by a homeowners
  182  association, as defined in s. 720.301, and a condominium
  183  community governed by one or more condominium association, as
  184  defined in s. 718.103.
  185         (3)“Day” means a calendar day.
  186         (4) “Debtor” means a person that owes payment or other
  187  performance of an obligation, whether absolute or conditional,
  188  primary or secondary, which is secured under a security
  189  instrument, regardless of whether the security instrument
  190  imposes personal liability on the debtor. The term does not
  191  include a person whose sole interest in the property is a
  192  security interest.
  193         (5)“Evidence of title” means a title insurance policy, a
  194  preliminary title report or binder, a title insurance
  195  commitment, an attorney’s opinion of title based on an
  196  examination of the public records or an abstract, or any other
  197  means of reporting the state of title to real estate which is
  198  customary in a locality.
  199         (6) “Expenses of foreclosure” means the lesser of:
  200         (a) The reasonable costs incurred by a secured creditor.
  201         (b) The maximum amounts permitted by other law in
  202  connection with a foreclosure for transmission of notices,
  203  advertising, evidence of title, inspections and examinations of
  204  the collateral, management and securing of the collateral,
  205  liability insurance, filing and recording fees, attorneys fees
  206  and litigation expenses incurred pursuant to ss. 702.217 and
  207  702.251, to the extent provided in the security instrument or
  208  authorized by law, appraisal fees, the fee of the person
  209  conducting the sale in the case of a foreclosure by auction,
  210  fees of court-appointed receivers, and other expenses reasonably
  211  necessary to the foreclosure.
  212         (7) “Foreclosing creditor” means a secured creditor who is
  213  engaged in a foreclosure.
  214         (8) “Guarantor” means a person liable for the debt of
  215  another, and includes a surety and an accommodation party.
  216         (9) “Homestead property” means real or personal property
  217  exempted from forced sale under process of court pursuant to s.
  218  4, Art. X of the State Constitution.
  219         (10) “Interestholder” means a person who owns a legally
  220  recognized interest in real or personal property which is
  221  subordinate in priority to a security interest foreclosed under
  222  this part.
  223         (11)“Original notice of foreclosure” means the first
  224  notice of foreclosure sent pursuant to s. 702.214 instituting a
  225  foreclosure.
  226         (12) “Person” means an individual, corporation, business
  227  trust, estate, trust, partnership, limited liability company,
  228  association, joint venture, or government; governmental
  229  subdivision, agency, or instrumentality; or public corporation
  230  or any other legal or commercial entity.
  231         (13)“Purchase-money obligation” means an obligation
  232  incurred in order to pay part or all of the purchase price of
  233  residential real property collateral. An obligation is not a
  234  purchase-money obligation if any part of the real property
  235  securing it is not residential real property. The term includes
  236  an obligation:
  237         (a) Incurred to the vendor of the real property;
  238         (b) Owed to a third-party lender to pay a loan made to pay
  239  part or all of the purchase price of the real property;
  240         (c) Incurred to purchase labor and materials for the
  241  construction of substantial improvements on the real property;
  242  or
  243         (d) To pay a loan, all of the proceeds of which were used
  244  to repay in full an obligation of the type described in
  245  paragraphs (a)-(c).
  246         (14)“Real property” means any estate or interest in, over,
  247  or under land, including minerals, structures, fixtures, and
  248  other things that by custom, usage, or law pass with a
  249  conveyance of land though not described or mentioned in the
  250  contract of sale or instrument of conveyance. The term includes
  251  the interest of a landlord or tenant and, unless that interest
  252  is considered personal property, an interest in a common
  253  interest community.
  254         (15) “Record,” used as a verb, means to take the actions
  255  necessary to perfect an interest in real property.
  256         (16) “Record,” used as a noun, means information that is
  257  inscribed on a tangible medium or that is stored in an
  258  electronic or other medium and is retrievable in perceivable
  259  form.
  260         (17)“Residential” means:
  261         (a) As applied to an interestholder, an individual who
  262  holds a possessory interest, other than a leasehold interest
  263  having a duration of 1 year or less, in residential real
  264  property in which a security interest exists, and any person
  265  that is wholly owned and controlled by such an individual or
  266  individuals.
  267         (b) As applied to a debtor, an individual who is obligated,
  268  primarily or secondarily, on an obligation secured in whole or
  269  in part by residential real property, and any person that is
  270  wholly owned and controlled by such an individual or
  271  individuals.
  272         (18)“Secured creditor” means a creditor that has the right
  273  to foreclose a security interest in real property.
  274         (19)“Security instrument” means a mortgage, deed of trust,
  275  security deed, contract for deed, agreement for deed, land sale
  276  contract, lease creating a security interest, or other contract
  277  or conveyance that creates or provides for an interest in real
  278  property to secure payment or performance of an obligation,
  279  whether by acquisition or retention of a lien, a lessor’s
  280  interest under a lease, or title to the real property. A
  281  security instrument may also create a security interest in
  282  personal property. If a security instrument makes a default
  283  under any other agreement a default under the security
  284  instrument, the security instrument includes the other
  285  agreement. The term includes any modification or amendment of a
  286  security instrument, and includes a lien on real property
  287  created by a record to secure an obligation owed by an owner of
  288  the real property to an association in a common-interest
  289  community or under covenants running with the real property.
  290         (20) “Security interest” means an interest in real or
  291  personal property that secures payment or performance of an
  292  obligation.
  293         (21) “Sign” means to:
  294         (a)Execute or adopt a tangible symbol, with the present
  295  intent to authenticate a record; or
  296         (b) Attach or logically associate an electronic symbol,
  297  sound, or process to or with a record, with the present intent
  298  to authenticate a record.
  299         (22)“Time of foreclosure” means the time that title to
  300  real property collateral passes to the person acquiring it by
  301  virtue of foreclosure.
  302         702.203Application.—
  303         (1)Except as otherwise provided in subsection (2), this
  304  part applies to, and authorizes the nonjudicial foreclosure of,
  305  every form of security interest in nonhomestead real property
  306  located in this state, whether entered into before, on, or after
  307  July 1, 2010, if the original notice of foreclosure is given on
  308  or after July 1, 2010, and the debtor has agreed in substance in
  309  the security instrument that:
  310         (a) The security interest may be foreclosed pursuant to
  311  this part; or
  312         (b) The security interest may be foreclosed by nonjudicial
  313  process.
  314         (2) This part may not be used to foreclose or enforce:
  315         (a) A lien created by statute or operation of law, except a
  316  lien of an homeowners’ association on property in a common
  317  interest community;
  318         (b) A security interest in property in a common-interest
  319  community if that interest is or is deemed to be personal
  320  property;
  321         (c) A security interest in rents or proceeds of real
  322  property; or
  323         (d) A security interest in homestead property.
  324         (3)This part does not preclude or govern foreclosure or
  325  other enforcement of security interests in real property by
  326  judicial or other action permitted by other law.
  327         (a) A secured creditor may not take action in pursuance of
  328  foreclosure under this part if a judicial proceeding is pending
  329  in this state to foreclose the security interest or to enforce
  330  the secured obligation against a person primarily liable for the
  331  obligation.
  332         (b) A secured creditor may not take action in pursuance of
  333  foreclosure under this part if, before foreclosure commences, a
  334  judicial proceeding is pending in this state to challenge the
  335  existence, validity, or enforceability of the security interest
  336  to be foreclosed.
  337         (c) Foreclosure under this part may proceed even if a
  338  judicial proceeding is pending or a judicial order has been
  339  obtained for appointment or supervision of a receiver of the
  340  collateral, possession of the collateral, enforcement of an
  341  assignment of rents or other proceeds of the collateral, or
  342  collection or sequestration of rents or other proceeds of the
  343  collateral or to enforce the secured obligation against a
  344  guarantor.
  345         (4)If a security instrument covers both real property and
  346  personal property, the secured creditor may proceed under this
  347  part as to both the real property and personal property to the
  348  extent permitted by chapter 679.
  349         702.204Variation by agreement.—Except as otherwise
  350  provided in subsections (1)-(4), the parties to a security
  351  instrument may not by agreement vary the effect of a provision
  352  of this part.
  353         (1)The time within which a person must respond to a notice
  354  sent by a secured creditor may be extended by agreement.
  355         (2) The parties to a security instrument may vary the
  356  effect of a provision that by its terms permits the parties to
  357  do so.
  358         (3) The parties by agreement may determine the standards by
  359  which performance of obligations under this part is to be
  360  measured if those standards are not manifestly unreasonable.
  361         (4) A guarantor may waive the right to receive notices
  362  under this part with respect to the foreclosure of the property
  363  of a debtor who is not a guarantor unless such waiver is
  364  unenforceable under other law.
  365         702.205Supplemental principles of law and equity
  366  applicable.—Unless displaced by a particular provision of this
  367  part, the principles of law and equity affecting security
  368  interests in real property supplement this part.
  369         702.206Notice and knowledge.—
  370         (1) As used in this section, the term:
  371         (a)“Address” means a physical or an electronic address, or
  372  both, as a contract requires.
  373         (b)“Address for notice” means:
  374         1. With respect to a notice given by a secured creditor:
  375         a. For a recipient that has given to the secured creditor a
  376  security instrument or other document in connection with a
  377  security instrument, the address, if any, specified in the
  378  security instrument or document.
  379         b. For a recipient not described in sub-subparagraph a.
  380  that is identifiable from examination of the public records of
  381  the county or counties in which the collateral is located, or,
  382  if personal property is being foreclosed together with real
  383  property, financing statement filings under chapter 679, the
  384  address, if any, specified in the recorded or filed document.
  385         c. For a recipient not described in sub-subparagraph a. or
  386  sub-subparagraph b. that the secured creditor knows is a tenant,
  387  subtenant, or leasehold assignee of all or part of the real
  388  property collateral, the most recent address made known to the
  389  security creditor by that person or, if none, the address of the
  390  real property collateral, including the designation of any
  391  office, apartment, or other unit that the secured creditor knows
  392  is possessed by the recipient, with the notice directed to the
  393  recipient’s name, if known, or otherwise “To Tenant occupying
  394  property at” the physical address or description of the real
  395  property collateral.
  396         d. If the sources described in sub-subparagraphs a.-c. do
  397  not disclose an address, the physical address of the real
  398  property collateral, if known to the secured creditor.
  399         2. With respect to notices given by persons other than a
  400  secured creditor, the address given in a document provided by
  401  the recipient to the person giving notice.
  402         (c) “Electronic” means relating to technology having
  403  electrical, digital, magnetic, wireless, optical,
  404  electromagnetic, or similar capabilities.
  405         (d) “Electronic notice” means an electronic record signed
  406  by the person sending the notice.
  407         (e) “Electronic record” means a record created, generated,
  408  sent, communicated, received, or stored by electronic means.
  409         (f)“Electronic signature” means an electronic sound,
  410  symbol, or process attached to or logically associated with a
  411  record and executed or adopted by a person with the intent to
  412  authenticate the record.
  413         (g)“Recipient” means a person to whom a notice is sent.
  414         (h)“Written notice” means a written record signed by the
  415  person giving the notice.
  416         (2) A person knows a fact if:
  417         (a) The person has actual knowledge of the fact.
  418         (b) The person has received a notice or notification of the
  419  fact.
  420         (c) From all the facts and circumstances known to the
  421  person at the time in question, the person has reason to know
  422  the fact exists.
  423         (3)Notice is sent or given or a recipient is notified,
  424  subject to the limitations of subsection (4), if such notice is
  425  made:
  426         (a) By hand delivering a written notice to the recipient or
  427  to an individual found at the recipient’s address for notice who
  428  is authorized to receive service of civil process.
  429         (b) By depositing written notice, properly addressed to the
  430  recipient’s address for notice along with the cost of delivery
  431  paid, with:
  432         1. The United States Postal Service, registered or
  433  certified mail, return receipt requested.
  434         2. The United States Postal Service by regular mail.
  435         3. A commercially reasonable carrier other than the United
  436  States Postal Service.
  437         (c) Subject to subsection (7), by initiating operations
  438  that in the ordinary course will cause the notice to come into
  439  existence at the recipient’s address for notice in the
  440  recipient’s information processing system in a form capable of
  441  being processed by the recipient.
  442         (4)If the recipient is an individual and the security
  443  interest covers the recipient’s primary residence, use of the
  444  methods of notice specified in subsection (3) are limited as
  445  follows:
  446         (a)A notice of default provided pursuant to s. 702.212 or
  447  a notice of foreclosure provided pursuant to s. 702.213 must be
  448  provided by both methods specified in subparagraphs (3)(b)2. and
  449  3.
  450         (b) A notice that is not a notice of default provided
  451  pursuant to s. 702.212 or a notice of foreclosure provided
  452  pursuant to s.702.213 must be provided by using a method
  453  specified in paragraph (3)(a) or paragraph (3)(b).
  454         (5)If a person giving a notice and the recipient have
  455  agreed to limit the methods of transmission of the notice
  456  otherwise permitted by subsections (3) and (4), that limitation
  457  is enforceable to the extent that it is consistent with
  458  subsection (4) and is otherwise permitted by law.
  459         (6)A person may not give an electronic notice unless the
  460  recipient uses, designates by agreement, or otherwise has
  461  designated or holds out an information processing system or
  462  address within that system as a place for the receipt of
  463  communications of that kind. An electronic notice is not deemed
  464  sent if the sender or its information processing system inhibits
  465  the ability of the recipient to print or store the record.
  466         (7)If, at the time of giving a required notice, a person
  467  knows that the recipient’s address for notice is incorrect or
  468  that notices cannot be delivered to the recipient at that
  469  address, the person that sent the notice must make a reasonable
  470  effort to determine a correct address for the recipient and send
  471  the notice to the address so determined. Compliance with the
  472  provisions of chapter 49 satisfy the requirement to make
  473  reasonable effort to locate the party entitled to notice.
  474         (8)If, after giving a notice, a person acquires knowledge
  475  that the address of the recipient to which the notice was
  476  directed is incorrect or that notices cannot be delivered to the
  477  recipient at that address, the person that sent the notice must
  478  promptly make a reasonable effort to determine a correct address
  479  for the recipient and send another copy of the notice to the
  480  address so determined, if any. The first notice, if timely sent
  481  and properly directed to the recipient’s address for notice,
  482  complies with the time requirements of this part.
  483         (9)A person may use methods of giving notice in addition
  484  to the methods required by subsections (3) and (4).
  485         (10)A notice is sufficient even if it includes information
  486  that is not required by law or contains minor errors that are
  487  not seriously misleading.
  488         (11)Receipt of a notice within the time in which it would
  489  have been received if properly sent has the effect of a proper
  490  giving of notice.
  491         (12)If the recipient is an individual, a notice is
  492  received when it comes to the recipient’s attention or is
  493  delivered to and available at the recipient’s address for
  494  notice. If the recipient is not an individual, a notice is
  495  received when it is brought to the attention of the individual
  496  conducting the transaction, or when it would have been brought
  497  to that individual’s attention if the recipient had exercised
  498  due diligence. An organization exercises due diligence if it
  499  maintains reasonable routines for communicating significant
  500  information with the person conducting the transaction and there
  501  is reasonable compliance with the routines. Due diligence does
  502  not require an individual acting for the organization to
  503  communicate information unless such communication is part of the
  504  individual’s regular duties or unless the individual has reason
  505  to know of the transaction and to know that the transaction
  506  would be materially affected by the information.
  507         (13)Subject to subsection (14), a person that has sent a
  508  notice may revoke it by a subsequent notice unless the recipient
  509  has materially changed its position in reliance on the notice
  510  before receiving the revocation.
  511         (14)A notice of foreclosure may be revoked by the secured
  512  creditor at any time before the time of foreclosure. Revocation
  513  may be accomplished only by recording a sworn affidavit in
  514  public records of each county in which the notice of foreclosure
  515  was recorded, stating that the secured creditor has revoked the
  516  notice of foreclosure. If a notice of foreclosure is revoked,
  517  all proceedings taken under that notice are void.
  518         702.207Transaction creating security interest.A
  519  transaction that is intended to create a security interest does
  520  so irrespective of the caption of the documents used in the
  521  transaction.
  522         702.208Time of foreclosure.—The time of foreclosure is:
  523         (1) The time the affidavit required by s. 702.2212 is
  524  recorded in the case of a foreclosure by auction;
  525         (2) The time the affidavit required by s. 702.235 is
  526  recorded in the case of a foreclosure by negotiated sale; or
  527         (3) The time the affidavit required by s. 702.245 is
  528  recorded in the case of a foreclosure by appraisal.
  529         702.209Abandonment of homestead.—
  530         (1) Notwithstanding any exemption of homestead property
  531  from the scope of this part, any homestead property that has
  532  been abandoned by the mortgagor of the property is subject to
  533  foreclosure pursuant to this part if the owner of the property
  534  has abandoned the mortgaged property.
  535         (2)A secured creditor may deem property formerly held as
  536  homestead to be abandoned if the property owner:
  537         (a) Affirmatively represents in writing an intent to
  538  abandon the property.
  539         (b) Affirmatively acts in a manner that manifests the
  540  intent to surrender the property owner’s interest in the
  541  property to the secured creditor.
  542         (c) Establishes a homestead in a property other than the
  543  property subject to the secured creditor’s security interest.
  544         (d) Enters into a contract to lease the secured property
  545  for a period of more than 1 year.
  546         (e) Leaves the secured property vacant for a period of more
  547  than 3 months and does not provide for the maintenance or
  548  physical security of the property during that time.
  549         (f) Fails to pay ad valorem taxes and maintain property
  550  insurance on the property for a period of 1 year.
  551         702.211Right to foreclose.—
  552         (1) A secured creditor has a right to foreclose under this
  553  part if:
  554         (a) All conditions that by law and the terms of the
  555  security instrument are prerequisites to foreclosure have been
  556  satisfied;
  557         (b) All notices to the debtor required by the security
  558  instrument and by this part as prerequisites to foreclosure have
  559  been given; and
  560         (c) All periods for cure available to the debtor by the
  561  terms of the security instrument and law as prerequisites to
  562  foreclosure have elapsed and a cure has not been made.
  563         (2)A foreclosing creditor may pursue foreclosure
  564  exclusively by auction, by negotiated sale, or by appraisal. The
  565  foreclosing creditor also may simultaneously pursue foreclosure
  566  by auction and either foreclosure by negotiated sale or
  567  foreclosure by appraisal. If the foreclosing creditor pursues
  568  two methods of foreclosure simultaneously, the notice of
  569  foreclosure must so state.
  570         702.212Notice of default and right to cure.—
  571         (1) Subject to subsection (2) and paragraph (6)(a):
  572         (a) A notice of default must be given to each debtor and
  573  each interestholder whose interest gives a right of possession
  574  of the real property collateral; and
  575         (b) The cure period provided in this section must expire
  576  without a cure being made before notice of foreclosure is given.
  577         (2) Except as provided in the security instrument, notice
  578  of default need not be given and a cure period is not applicable
  579  if the default cannot be cured.
  580         (3) A notice of default must contain:
  581         (a) The facts establishing that a default has occurred;
  582         (b) The amount to be paid or other performance required to
  583  cure the default, including the daily rate of accrual for
  584  amounts accruing over time and the time within which cure must
  585  be made;
  586         (c) The name, address, and telephone number of an
  587  individual who is or represents the secured creditor and who can
  588  be contacted for further information concerning the default; and
  589         (d) A statement that foreclosure may be initiated if the
  590  default is not cured in a timely manner.
  591         (4) Within 30 days after notice of default is given to the
  592  last person entitled to such notice, any person may:
  593         (a) Cure the default if the default is curable by the
  594  payment of money.
  595         (b) Commence to cure the default if the default cannot be
  596  cured by the payment of money and diligently proceed to cure the
  597  default and complete the cure of the default within 90 days
  598  after the notice of default was given.
  599         (5)If a person is not proceeding diligently to cure a
  600  default that cannot be cured by the payment of money after 30
  601  days after the date the notice of default was sent to the last
  602  person entitled to such notice, the secured creditor may
  603  immediately terminate the period allowed for cure by
  604  accelerating payment of the principal amount owing on the
  605  secured obligation or giving an original notice of foreclosure.
  606         (6)If none of the real property to be foreclosed is
  607  residential real property:
  608         (a) A notice of default is not required and a right to cure
  609  does not exist except as agreed by the parties if a default
  610  cannot be cured by the payment of money and a notice of default
  611  was given by the secured creditor within 1 year before the date
  612  of the present default on account of a default of the same kind.
  613         (b) The periods specified in subsection (4) to cure a
  614  default may be reduced as the parties agree in the security
  615  instrument, but must be at least 10 days.
  616         (7)A notice of default may be given notwithstanding that a
  617  notice of default has previously been given on account of a
  618  different default and is still pending.
  619         (8)The right to cure a default provided in this section
  620  does not impair or limit any other right to notice of default or
  621  right to cure a default provided to any person by the security
  622  instrument. The period to cure provided in this section and any
  623  period to cure provided in the security instrument run
  624  concurrently unless the security instrument provides otherwise.
  625         (9)Unless precluded from doing so by law other than this
  626  part, a secured creditor shall cooperate with any debtor or
  627  interestholder that attempts to cure a default by promptly
  628  providing upon request reasonable information concerning the
  629  amount or other performance due and expenses necessary for cure.
  630         (10) If a default is cured within a period allowed by this
  631  section, or after the expiration of that period but before
  632  acceleration of the principal amount owing on the secured
  633  obligation or the giving of an original notice of foreclosure,
  634  an acceleration by the secured creditor of the principal amount
  635  owing on the secured obligation on account of that default is
  636  ineffective.
  637         (11) During a period allowed for cure of a default under
  638  this section, a secured creditor may enforce any remedy other
  639  than foreclosure provided for by the security instrument and
  640  enforceable under the laws of this state other than this part if
  641  enforcement does not unreasonably interfere with the ability of
  642  a debtor to cure a default under this section.
  643         702.213Notice of foreclosure; manner of giving.—
  644         (1)If a secured creditor has a right to foreclose under
  645  702.211, the secured creditor may commence foreclosure by giving
  646  notice of foreclosure. As a prerequisite to foreclosure, the
  647  notice must comply with subsections (2) and (3) and contain the
  648  information required by s. 702.214.
  649         (2) A foreclosing creditor shall record a copy of the
  650  notice of foreclosure in the public records of each county in
  651  which the real property collateral is located. A person who
  652  acquires an interest in the real property collateral after the
  653  notice of foreclosure is recorded is deemed to have notice of
  654  the notice of foreclosure. In the absence of a recording of the
  655  notice of foreclosure, any purported foreclosure under this part
  656  is voidable.
  657         (3)Except as otherwise provided in subsection (4), a
  658  foreclosing creditor shall give a notice of foreclosure to the
  659  following persons within 5 days after recording the notice of
  660  foreclosure pursuant to subsection (2) if they can be identified
  661  as of the time of recording of the notice of foreclosure:
  662         (a) A person that the foreclosing creditor knows to be a
  663  debtor.
  664         (b) A person specified by the debtor in the security
  665  instrument to receive notice on the debtor’s behalf.
  666         (c) A person that is shown by the public records of each
  667  county in which any part of the real property collateral is
  668  located to be an interestholder in the real property collateral.
  669         (d) A person who is entitled to notice with respect to the
  670  disposition of the personal property collateral under chapter
  671  679, if the foreclosing creditor holds and intends to foreclose
  672  on a security interest in personal property.
  673         (e) A person who the foreclosing creditor knows is an
  674  interestholder in the real property collateral.
  675         (f) A person that has recorded in the public records of a
  676  county in which any part of the real property collateral is
  677  located a request for notice of foreclosure pursuant to s.
  678  702.215.
  679         (4)After the time of recording of the notice of
  680  foreclosure, if the foreclosing creditor obtains actual
  681  knowledge that a person holds an interest in the collateral that
  682  is subordinate in priority to the security instrument, the
  683  foreclosing creditor must give a notice of foreclosure to that
  684  person within 5 days after obtaining such knowledge.
  685         (5) A foreclosing creditor may give a special notice of
  686  foreclosure to any person described in subsection (3) or
  687  subsection (4) to avoid the termination of that person’s
  688  interest in the collateral by the foreclosure. The special
  689  notice shall include the information required by s. 702.214 and
  690  must also state that the recipient’s interest in the collateral
  691  will not be terminated by the foreclosure.
  692         (6)A foreclosing creditor within 10 days before or after
  693  recording a notice of foreclosure shall affix a copy of the
  694  notice of foreclosure at a conspicuous place on the real
  695  property collateral.
  696         (7) An original notice of foreclosure is ineffective if it
  697  is given after the expiration of the limitation period for
  698  foreclosure of a security interest in real property in a
  699  judicial proceeding.
  700         702.214Notice of foreclosure; content.
  701         (1)The heading of a notice of foreclosure must be
  702  conspicuous and must read as follows:
  703  
  704         NOTICE OF FORECLOSURE. YOU ARE HEREBY NOTIFIED THAT
  705         YOU MAY LOSE YOUR RIGHTS TO CERTAIN PROPERTY. READ
  706         THIS NOTICE IMMEDIATELY AND CAREFULLY.
  707         (2) A notice of foreclosure must contain:
  708         (a) The date of the notice, the name of the owner of the
  709  collateral as identified in the security instrument, a legally
  710  sufficient description or the street address, at the secured
  711  creditor’s option, as stated in the security instrument of the
  712  real property collateral or portion of the property being
  713  foreclosed, and a description of any personal property
  714  collateral included in the foreclosure.
  715         (b) Information concerning the recording of the security
  716  instrument, including the recording date and the book and page
  717  number in the official records or the official recording number
  718  for the security instrument.
  719         (c) A statement that a default exists under the security
  720  instrument, including the facts establishing the default.
  721         (d) A statement that the foreclosing creditor is initiating
  722  foreclosure.
  723         (e) A statement that the foreclosing creditor has
  724  accelerated, or by virtue of the notice is accelerating, the due
  725  date of the principal amount owing on the secured obligation, or
  726  a statement that the foreclosing creditor has elected not to
  727  accelerate the due date.
  728         (f) A statement that the collateral may be redeemed from
  729  the security interest by payment in full or the performance of
  730  the secured obligation in full before foreclosure. The statement
  731  also must set forth the amount to be paid or other action
  732  necessary to redeem, including a per diem amount that will allow
  733  calculation of the total balance owed as of future dates and any
  734  further amount the foreclosing creditor anticipates expending to
  735  protect the collateral.
  736         (g) A statement of the method or methods of foreclosure the
  737  foreclosing creditor elects to use and the earliest date on
  738  which foreclosure will occur if a redemption is not made.
  739         (h) A statement that the foreclosure will terminate the
  740  rights in the collateral of the person receiving the notice of
  741  foreclosure.
  742         (i) If applicable, an explanation of a residential debtor’s
  743  ability to avoid a deficiency judgment by complying with s.
  744  702.255.
  745         (j) If the foreclosure is by negotiated sale or by
  746  appraisal, an explanation of the right of the debtor and holders
  747  of subordinate interests to object to the foreclosure pursuant
  748  to s. 702.236 or s. 702.246.
  749         (k) If applicable, a statement that, within 15 days after
  750  the date that the notice of foreclosure is given, a debtor or an
  751  interestholder having a possessory interest in the real property
  752  collateral may request a meeting with a representative of the
  753  foreclosing creditor to object to the foreclosure pursuant to s.
  754  702.216.
  755         (l) The name, address, and telephone number of an
  756  individual who is the foreclosing creditor or a representative
  757  of the foreclosing creditor who can be contacted for further
  758  information concerning the foreclosure.
  759         702.215Request for notice of foreclosure.—
  760         (1) Any person may record in the public records of any
  761  county or counties a request for notice of foreclosure of a
  762  security instrument that has been recorded in such county or
  763  counties. The request must state:
  764         (a) The date of the security interest, the date of its
  765  recording, and the book and page of the official records on
  766  which the security interest is recorded or the official
  767  recording number of the security instrument’s recording;
  768         (b) The names of the parties to the security instrument;
  769         (c) A legally sufficient description of the real property
  770  collateral affected by the security instrument;
  771         (d) The name and address of the person requesting a notice
  772  of foreclosure; and
  773         (e) The legal interest, if any, held by the person
  774  recording the request for notice.
  775         (2)A person that records a request under subsection (1)
  776  before the secured party commences foreclosure is entitled to be
  777  given notice of foreclosure. Recording a request does not affect
  778  the title to the real property collateral and is not
  779  constructive notice to any person of an interest in the real
  780  property collateral held or claimed by the person requesting
  781  notice. A person that records a request for notice under this
  782  section may subsequently record an amendment supplementing or
  783  correcting the person’s name, address, or other information in
  784  the request, or withdrawing the request. However, the original
  785  filing or subsequent amendment supplementing or correcting a
  786  prior filing is not effective against a secured creditor who has
  787  at the time of the filing commenced foreclosure pursuant to s.
  788  702.213(1).
  789         (3)A foreclosing creditor is liable for a penalty of $500
  790  to a person that is not given timely notice of foreclosure if
  791  that person has recorded a request for notice of foreclosure in
  792  compliance with this section. If a recorded request for notice
  793  states that the person recording the request has an interest in
  794  the real property collateral and the person is not given timely
  795  notice of foreclosure, the person’s interest in the collateral,
  796  if any, is preserved from termination by the foreclosure. A
  797  remedy or sanction other than that provided in this section may
  798  not be imposed against the foreclosing creditor on behalf of
  799  such person.
  800         702.216Meeting to object to foreclosure.—
  801         (1)A residential debtor may request a meeting to object to
  802  a foreclosure. The request must be made by a notice received by
  803  the foreclosing creditor within 30 days after the notice of
  804  foreclosure is given to that debtor. If the foreclosing creditor
  805  receives a request for a meeting, the foreclosing creditor or a
  806  responsible representative of the foreclosing creditor shall
  807  schedule and attend a meeting with the person requesting it at a
  808  mutually agreeable time. The representative may be an employee,
  809  agent, servicer, or attorney of the foreclosing creditor and
  810  must have authority to terminate the foreclosure if the
  811  representative determines that a legal basis for the foreclosure
  812  does not exist. The meeting may be held in person or by
  813  telephone, video conferencing, or other reasonable means at the
  814  election of the foreclosing creditor. If the meeting is held in
  815  person, it must be held at a location reasonably convenient to a
  816  parcel of the real property collateral unless the person
  817  requesting the meeting and the creditor or representative
  818  mutually agree on a different location. If the foreclosing
  819  creditor receives requests from more than one person, the
  820  creditor or representative may attempt to arrange a consolidated
  821  meeting and the persons requesting meetings must cooperate
  822  reasonably with the foreclosing creditor’s effort to do so.
  823         (2)A meeting conducted pursuant to this section is
  824  informal and the rules of evidence do not apply. The parties may
  825  be represented by legal counsel. The foreclosing creditor or
  826  representative must have access to records that provide evidence
  827  of the grounds for foreclosure. If the residential debtor
  828  desires to negotiate a forbearance or modification on the
  829  underlying obligation, the residential debtor must provide
  830  financial statements and other documents sufficient to permit
  831  the foreclosing creditor to determine the existence, if any, of
  832  grounds to negotiate alternate terms or obligations. The
  833  creditor or representative must consider the objections to
  834  foreclosure stated by the person requesting the meeting. Within
  835  10 days after the meeting, the creditor, or its representative
  836  at the meeting, must give to each person who requested the
  837  meeting a written statement indicating whether the foreclosure
  838  will be discontinued or will proceed and the reasons for the
  839  determination. The objections to foreclosure stated by the
  840  person requesting the meeting or the reasons stated by the
  841  creditor or representative do not preclude any person from
  842  raising those or other grounds for objecting to or supporting
  843  foreclosure in any subsequent judicial proceeding. A statement
  844  or representation made by a person at the meeting may not be
  845  introduced as evidence in any judicial proceeding. Each party
  846  must bear its own expenses in connection with the meeting.
  847         (3) The foreclosing creditor and the representative do not
  848  incur liability for making a determination that is adverse to
  849  the person who requested the meeting.
  850         702.217Period of limitation for foreclosure.The time of
  851  foreclosure must be at least 90 days, but not more than 1 year
  852  after an original notice of foreclosure is recorded pursuant to
  853  s. 702.213 and at least 30 days after any subsequent notice of
  854  foreclosure. The 1-year period of limitation may be extended by
  855  agreement of the foreclosing creditor and all persons to whom
  856  notice of foreclosure was required to be given, except persons
  857  having a interest in the collateral that is subordinate to the
  858  interest of the foreclosing creditor. The 1-year and 30-day
  859  periods of limitation are tolled during the period that any
  860  court order temporarily enjoining or staying the foreclosure is
  861  in effect, and during any stay under the United States
  862  Bankruptcy Code, 11 U.S.C. s. 101 et seq.
  863         702.218Judicial supervision of foreclosure.—Before the
  864  time of foreclosure, an aggrieved person may commence a
  865  proceeding in a court of competent jurisdiction for any
  866  violation of this part or of other law or principle of equity in
  867  the conduct of the foreclosure or for a judicial determination
  868  as to whether any property claimed by the debtor as homestead
  869  has been abandoned. The court may issue any order within the
  870  authority of the court in a foreclosure of a mortgage by
  871  judicial action, including declaratory judgment, injunction, and
  872  postponement of the foreclosure.
  873         702.219Redemption.—A person having the right to redeem the
  874  collateral from a security interest under principles of law and
  875  equity may not redeem after the time of foreclosure. Unless
  876  precluded from doing so by law other than this part, a
  877  foreclosing creditor must cooperate with any person who attempts
  878  to redeem the collateral from the security interest before the
  879  time of foreclosure by promptly providing upon request
  880  reasonable information concerning the amount due or performance
  881  required to redeem.
  882         702.2201Foreclosure by auction.—A secured creditor that
  883  elects to foreclose by auction shall comply with ss. 702.2201
  884  702.2213, the general provisions regulating nonjudicial
  885  foreclosure in ss. 702.201-702.209, the procedures required
  886  before foreclosure in ss. 702.211-702.219, and rights after
  887  foreclosure in ss. 702.251-702.256.
  888         702.2202Evidence of title; other information.—
  889         (1)If a secured creditor elects to foreclose by auction,
  890  the foreclosing creditor shall obtain evidence of title and make
  891  a copy of the evidence of title available upon request to any
  892  prospective bidder at the foreclosure. The evidence of title
  893  must have an effective date of the date of the recording of the
  894  original notice of foreclosure or a date within 30 days after
  895  the date of the recording. Unless the evidence of title is an
  896  attorney’s opinion, it must state:
  897         (a) That the issuer is willing to provide evidence of title
  898  to the real property collateral to a person who acquires title
  899  by virtue of the foreclosure; and
  900         (b) The exceptions and exclusions from coverage to which
  901  the evidence of title issued to an acquiring person is subject.
  902         (2) The foreclosing creditor may make reports and
  903  information concerning the collateral other than evidence of
  904  title available to prospective bidders at the foreclosure.
  905         (3) The foreclosing creditor is not liable to any person
  906  because of error in any information disclosed to prospective
  907  bidders unless the information was prepared by the foreclosing
  908  creditor and the foreclosing creditor had actual knowledge of
  909  the error at the time the information was disclosed.
  910         702.2203Advertisement of sale.
  911         (1)After giving a notice of foreclosure pursuant to ss.
  912  702.213 and 702.214, a foreclosing creditor shall advertise a
  913  foreclosure by auction in one of the following methods:
  914         (a) In a manner that complies with the publication
  915  requirements provided in s. 45.031.
  916         (b) By placing an advertisement in a newspaper of general
  917  circulation in each county in which any part of the real
  918  property collateral is located. The advertisement must be
  919  published at least once per week for 3 consecutive weeks. The
  920  last publication of the advertisement must be at least 7 but not
  921  more than 30 days before the advertised date of sale.
  922         (2) At least 21 days before the advertised date of sale,
  923  the foreclosing creditor must give a copy of the advertisement
  924  required by subsection (1) to the persons to whom notice of
  925  foreclosure was required to be given pursuant to s. 702.213. The
  926  advertisement may be sent with the notice of foreclosure or may
  927  be sent separately in the manner prescribed in s. 702.206. The
  928  foreclosing creditor may enter the real property collateral and
  929  post on it a copy of the advertisement or a sign containing
  930  information about the sale.
  931         (3) An advertisement required by subsection (1) must state
  932  or contain:
  933         (a) The date, time, and location, by street address and, if
  934  applicable, by floor and office number, of the foreclosure sale.
  935         (b) That the sale will be made to the highest qualified
  936  bidder.
  937         (c) The amount or percentage of the bid that will be
  938  required of the successful bidder at the completion of the sale
  939  as a deposit, and the form in which the deposit may be made if
  940  payment other than by cash or certified check will be accepted.
  941         (d) A legally sufficient description of the real property
  942  to be sold, and the street address, if any, or the location if
  943  the real property does not have a street address.
  944         (e) A brief description of any improvements to the real
  945  property and any personal property collateral to be sold.
  946         (f) The name, address, and telephone number of the
  947  individual who is the foreclosing creditor, or a representative
  948  of the foreclosing creditor, who can provide information
  949  concerning the collateral and the foreclosure if the foreclosing
  950  creditor is not an individual.
  951         (g) That a copy of the evidence of title, any available
  952  reports concerning the collateral, which may be listed
  953  specifically, and additional information is available from the
  954  person identified pursuant to paragraph (f).
  955         (h) Whether access to the collateral for the purpose of
  956  inspection before foreclosure is available to prospective
  957  bidders and, if so, how to obtain access.
  958         (i)Any other information concerning the collateral or the
  959  foreclosure that the foreclosing creditor elects to include.
  960         702.2204Access to collateral.—If a foreclosing creditor
  961  has authority to grant access to the real property collateral,
  962  the creditor must reasonably accommodate a person who contacts
  963  the creditor, expresses an interest in bidding at the
  964  foreclosure sale, and requests an opportunity to inspect the
  965  collateral.
  966         702.2205Location and time of sale.—An auction sale must be
  967  conducted:
  968         (1) At a date and time permitted for a sale as the result
  969  of a judicial foreclosure of a security interest in real
  970  property;
  971         (2) In a county in which some or all of the real property
  972  collateral is located; and
  973         (3) At any location where a sale as the result of a
  974  judicial foreclosure of a security interest in real property may
  975  be held.
  976         702.2206Foreclosure of two or more parcels.
  977         (1) Collateral consisting of two or more parcels of real
  978  property may be foreclosed by auction separately or in
  979  combination, as provided in the security instrument. If the
  980  security instrument does not specify the manner of sale of two
  981  or more parcels, the auction may be conducted:
  982         (a) By separate sale of each of the parcels; or
  983         (b) At the time notice of foreclosure is recorded, if two
  984  or more parcels are contiguous, are being used in a unitary
  985  manner, are part of a unitary plan of development, or are
  986  operated under integrated management:
  987         1. By combining the parcels in a single auction; or
  988         2. By conditionally offering the parcels both in
  989  combination and separately, and accepting the higher of the two
  990  aggregate bids.
  991         (2) If the entire real property collateral is not made the
  992  subject of a single auction, the foreclosing creditor must
  993  discontinue sales of parcels or combinations of parcels when the
  994  total amount of bids received is sufficient to pay the secured
  995  obligation and the expenses of foreclosure.
  996         702.2207Postponement of sale.—
  997         (1) An individual conducting a foreclosure auction may
  998  postpone the auction for any cause that the foreclosing creditor
  999  considers appropriate. Announcement of the postponement, and the
 1000  time and location of the rescheduled sale must be given orally
 1001  at the place previously scheduled for the sale and within a
 1002  reasonable time after the scheduled time for commencement of the
 1003  sale. Another advertisement or notice of the postponed time and
 1004  place of sale is not required. A postponement may not be for a
 1005  period of more than 30 days. Subsequent postponements of the
 1006  sale may be made in the same manner.
 1007         (2) If an auction cannot be held at the time stated in the
 1008  notice of sale as the result of a stay under the United States
 1009  Bankruptcy Code, 11 U.S.C. 101 et seq., or a stay order issued
 1010  by any court of competent jurisdiction, the foreclosing creditor
 1011  may reschedule the auction to occur at a time when the stay is
 1012  no longer in effect. The rescheduled sale must be advertised and
 1013  a copy of the advertisement must be sent to the persons entitled
 1014  to a copy, as provided by s. 702.2203.
 1015         702.2208Conduct of sale.—
 1016         (1) An auction sale must be conducted by a person
 1017  designated by the foreclosing creditor.
 1018         (2) Before commencing the auction, the person conducting an
 1019  auction:
 1020         (a) Must make available to prospective purchasers copies of
 1021  the evidence of title; and
 1022         (b) May verify that persons intending to bid have money in
 1023  an amount and form necessary to make the deposit stated in the
 1024  advertisement, but may not disclose the amount that any bidder
 1025  is prepared to deposit.
 1026         (3) At the option of the creditor, the auction must be
 1027  conducted:
 1028         (a) By the creditor or the creditor’s representative
 1029  following the procedures for sale prescribed by s. 45.031; or
 1030         (b) In the following manner:
 1031         1. Any person, including a debtor and the foreclosing
 1032  creditor, may bid at the auction. The individual conducting the
 1033  auction may bid on behalf of the foreclosing creditor or any
 1034  other person authorized by the foreclosing creditor, but may not
 1035  bid for his or her own account. The foreclosing creditor may bid
 1036  by credit up to any amount up to the balance owing on the
 1037  secured obligation, including the expenses of foreclosure.
 1038         2.A fixed bid of a person who is not attending the auction
 1039  may be submitted in writing and must be received at least 24
 1040  hours before the scheduled time of the auction by the person
 1041  designated to provide information about the property in the
 1042  advertisement of the sale. The bid must be accompanied by a
 1043  deposit satisfying the requirements of s. 702.2209. The bid must
 1044  be read aloud by the person conducting the auction before the
 1045  auction is opened to oral bids.
 1046         3. Sale must be made to the person bidding the highest
 1047  amount who complies with this section.
 1048         4. The auction is completed by the announcement of the
 1049  person conducting the auction that the property is “sold.”
 1050         702.2209Deposit by successful bidder.—Immediately after
 1051  the sale is complete, the successful bidder, if other than the
 1052  foreclosing creditor, at an auction must pay a deposit to the
 1053  person conducting the sale. The deposit must be at least 10
 1054  percent of the amount of the bid or such lower amount as the
 1055  advertisement of sale stated would be accepted. The deposit must
 1056  be paid in cash, by certified check, or in such other form of
 1057  payment as was stated to be acceptable in the advertisement of
 1058  sale or is acceptable to the person conducting the sale.
 1059         702.221Payment of remainder of bid.—
 1060         (1)The successful bidder at an auction must pay the
 1061  remainder of the bid to the person conducting the sale within 7
 1062  days after the date of the auction.
 1063         (2) If payment of the remainder of the bid is not timely
 1064  made, the foreclosing creditor may cancel the sale and
 1065  reschedule the auction or may discontinue the foreclosure
 1066  pursuant to s. 702.2214. In either event, the deposit of the
 1067  successful bidder may be forfeited and distributed in the same
 1068  manner as the proceeds of a sale, but no other remedy exists
 1069  against the defaulting bidder.
 1070         702.2211Foreclosure amount; distribution of proceeds.—The
 1071  highest amount bid at a sale is the foreclosure amount. The
 1072  foreclosure amount must be applied by the foreclosing creditor
 1073  pursuant to s. 702.251 within 30 days after the time of
 1074  foreclosure. After receiving, but before applying, the proceeds
 1075  of sale, the secured creditor may invest the proceeds in a
 1076  reasonable manner.
 1077         702.2212Deed to successful bidder.—
 1078         (1)Upon payment by the successful bidder of the full
 1079  balance of the bid, the foreclosing creditor must:
 1080         (a) Record and deliver a deed, a bill of sale with respect
 1081  to personal property, if applicable, and such other documents as
 1082  may be necessary to record the deed, all without warranty of
 1083  title, conveying the collateral to or as directed by the
 1084  successful bidder; and
 1085         (b) Execute and record in the public records of each county
 1086  in which the security instrument being foreclosed was recorded
 1087  an affidavit that:
 1088         1. Identifies the security instrument foreclosed, including
 1089  the book and page number of the official records, or official
 1090  document number, in which it was recorded, if any.
 1091         2. Identifies the debtor.
 1092         3. Provides a sufficient description of the collateral and
 1093  identifies the book and page number in the official records, or
 1094  the official document number, in which the notice of foreclosure
 1095  was recorded.
 1096         4. Identifies persons to whom notice of foreclosure was
 1097  given and the book and page number in the official records, or
 1098  official document number, in which documents reflecting their
 1099  interests in the collateral were recorded.
 1100         5. States which, if any, of the persons identified pursuant
 1101  to subparagraph 3. were given special notice of foreclosure
 1102  preserving their interests from termination by the foreclosure.
 1103         6. States that the foreclosing creditor has complied with
 1104  all provisions of this part for a foreclosure by auction.
 1105         7. Identifies the person acquiring title to the collateral
 1106  by virtue of the foreclosure and a statement that the title has
 1107  passed to that person.
 1108         (2) When recorded, the deed and bill of sale, if any,
 1109  transfers title to the collateral to or as directed by the
 1110  successful bidder as provided in s. 702.252.
 1111         702.2213Discontinuance of foreclosure.—
 1112         (1) A foreclosing creditor may elect to discontinue
 1113  foreclosure at any time before:
 1114         (a) The completion of the auction, in the case of a
 1115  foreclosure by auction.
 1116         (b) The time of foreclosure, in the case of a foreclosure
 1117  by negotiated sale or by appraisal.
 1118         (2)To discontinue foreclosure, the foreclosing creditor
 1119  must give a notice to the persons to whom notice of foreclosure
 1120  was required to be given under s. 702.213(2) advising them that
 1121  the foreclosure has been discontinued and stating whether the
 1122  foreclosing creditor will:
 1123         (a) Pursue another foreclosure by the same method;
 1124         (b) Continue to foreclose by another method under this part
 1125  pursuant to a notice of foreclosure previously given;
 1126         (c) Commence foreclosure by a different method authorized
 1127  by this part pursuant to a new notice of foreclosure;
 1128         (d) Commence foreclose by judicial proceeding; or
 1129         (e) Abandon foreclosure.
 1130         (3) If a notice sent by a foreclosing creditor under this
 1131  section complies with the requirements to give a notice of
 1132  foreclosure pursuant to ss. 702.213 and 702.214, an additional
 1133  notice of foreclosure is not necessary to pursue a further
 1134  foreclosure under this part.
 1135         702.231Foreclosure by negotiated sale.—A secured creditor
 1136  that elects to foreclose by negotiated sale shall comply with
 1137  the requirements for negotiated sales in ss. 702.231-702.236,
 1138  the general provisions regulating nonjudicial foreclosure in ss.
 1139  702.201-702.209, procedures required before foreclosure in ss.
 1140  702.211-702.219, and rights after foreclosure in ss. 702.251
 1141  702.256.
 1142         702.232Advertisement and contract of sale.—
 1143         (1)The foreclosing creditor may advertise the collateral
 1144  for sale to prospective purchasers by whatever methods the
 1145  foreclosing creditor considers appropriate and may list the
 1146  collateral for sale with brokers. The foreclosing creditor may
 1147  enter the real property collateral and post on it a sign
 1148  containing information about the sale.
 1149         (2)The foreclosing creditor may enter into a conditional
 1150  contract of sale with a prospective purchaser or with more than
 1151  one purchaser if the collateral is sold in parcels. The contract
 1152  must state the gross amount, before expenses of sale, which the
 1153  purchaser will pay for the collateral. The foreclosing
 1154  creditor’s obligation to sell under the contract is subject to
 1155  the following conditions:
 1156         (a) That an objection to the foreclosure amount is not made
 1157  pursuant to s. 702.234.
 1158         (b) That a redemption of the collateral from the security
 1159  interest is not made before the time of foreclosure.
 1160         702.233Notice of proposed negotiated sale.—If a
 1161  foreclosing creditor enters into a conditional contract of sale
 1162  as provided in s. 702.232, the foreclosing creditor must give
 1163  notice of the proposed sale at least 30 days before the date of
 1164  the proposed sale to the persons specified in s. 702.213. The
 1165  notice of proposed sale must state:
 1166         (1) The date on or after which the foreclosing creditor
 1167  proposes to sell the collateral.
 1168         (2) The foreclosure amount, net of all expenses of
 1169  foreclosure and sale, which the foreclosing creditor offers to
 1170  credit against the secured debt and distribute to other persons
 1171  entitled thereto, which amount may be greater or less than the
 1172  selling price stated in the contract.
 1173         (3) That, if the sale is completed, title to the collateral
 1174  will be transferred to the purchaser under the contract as of
 1175  the time of foreclosure and the stated foreclosure amount will
 1176  be applied as provided in s. 702.251.
 1177         (4) That the person receiving the notice may inspect a copy
 1178  of the contract of sale by communicating with the foreclosing
 1179  creditor or a representative of the creditor whose name,
 1180  address, and telephone number are given in the notice.
 1181         (5) That, if a debtor or any other party whose interest in
 1182  the collateral is subordinate in priority to the foreclosing
 1183  creditor’s security interest objects to the sale, the debtor or
 1184  interestholder may give the foreclosing creditor notice of the
 1185  objection. If the notice is received by the foreclosing creditor
 1186  no later than 7 days before the date of the proposed sale, the
 1187  foreclosing creditor must discontinue the foreclosure by
 1188  negotiated sale unless the foreclosing creditor elects to
 1189  preserve that person’s interest from termination by the
 1190  foreclosure or discharges the person’s interest.
 1191         702.234Completion of sale.—
 1192         (1) A foreclosing creditor may complete the sale in
 1193  accordance with the contract of sale, subsection (2), and ss.
 1194  702.235 and 702.236 unless the creditor receives a notice
 1195  objecting to the proposed foreclosure by negotiated sale at
 1196  least 7 days before the proposed date of sale from a person who
 1197  holds an interest in the real property collateral which is
 1198  subordinate in priority to the foreclosing creditor’s security
 1199  interest.
 1200         (2)Upon compliance by the purchaser with a contract for a
 1201  negotiated sale, on or after the proposed date of sale, the
 1202  foreclosing creditor shall deliver to the purchaser or a nominee
 1203  designated by the purchaser a deed; a bill of sale, if
 1204  applicable; and other documents that are necessary to consummate
 1205  the sale or that the parties agreed the foreclosing creditor
 1206  would supply. The foreclosing creditor shall also execute an
 1207  affidavit that:
 1208         (a) Identifies the security instrument foreclosed,
 1209  including the book and page number in the official records, or
 1210  the official document number, in which it was recorded, if any.
 1211         (b) Identifies the debtor.
 1212         (c) Sufficiently describes the collateral and identifies
 1213  the book and page number in the official records, or the
 1214  official document number, in which the notice of foreclosure was
 1215  recorded.
 1216         (d) Identifies persons to whom notice of foreclosure was
 1217  given and the book and page number in the official records, or
 1218  the official document number, in which any documents reflecting
 1219  their interests in the collateral are recorded, if any.
 1220         (e) States which, if any, of the persons identified
 1221  pursuant to paragraph (d) were given a special notice of
 1222  foreclosure pursuant to s. 702.213(5) or were given notice
 1223  preserving their subordinate interests in the collateral from
 1224  termination by the foreclosure pursuant to s. 702.236.
 1225         (f) Includes a statement that the foreclosing creditor has
 1226  complied with all of the requirements of this part for a
 1227  foreclosure by negotiated sale.
 1228         (g) Identifies the person acquiring title to the collateral
 1229  by virtue of the foreclosure and a statement that title has
 1230  passed to that person.
 1231         702.235Recording affidavit and deed; application of
 1232  foreclosure amount.—On or after the date of delivery of the deed
 1233  to the purchaser, the affidavit, deed, and bill of sale, if any,
 1234  under s. 702.234 must be recorded in the public records of the
 1235  county or counties where the collateral is located. When those
 1236  documents are recorded, the deed and bill of sale transfer title
 1237  to the collateral to the contract purchaser or a nominee
 1238  designated by the contract purchaser as provided in s. 702.602.
 1239  The foreclosure amount stated in the notice of proposed
 1240  negotiated sale pursuant to s. 702.233 must be applied as
 1241  provided in s. 702.251 within 30 days after the time of
 1242  foreclosure.
 1243         702.236Notice of objection to sale.—
 1244         (1) If, 7 or more days before the proposed date of a
 1245  negotiated sale, a foreclosing creditor receives notice of
 1246  objection to the sale from any person who holds an interest in
 1247  the real property collateral subordinate in priority to the
 1248  foreclosing creditor’s security interest, the foreclosing
 1249  creditor must:
 1250         (a) Discontinue the foreclosure, in which case the notice
 1251  of objection has no further effect;
 1252         (b) Give notice, before the time of foreclosure, to the
 1253  person who made the objection that the person’s interest in the
 1254  collateral will be preserved from termination by the
 1255  foreclosure. If the foreclosing creditor gives such notice:
 1256         1. The objection of the person to whom such notice is given
 1257  may be disregarded by the foreclosing creditor;
 1258         2. The foreclosure by negotiated sale may be completed;
 1259         3. The affidavit recorded pursuant to s. 702.235 must
 1260  identify that interest in the collateral of the person objecting
 1261  as not being terminated by the foreclosure; and
 1262         4. The objecting interestholder is not entitled any of the
 1263  foreclosure amount; or
 1264         (c) Discharge the interest by tendering a liquidated sum of
 1265  money or a lesser sum acceptable to the person, if the interest
 1266  is capable of being discharged for a liquidated sum of money.
 1267         (2) If the foreclosing creditor makes a tender as provided
 1268  in paragraph (1)(c) and keeps the tender in effect, the person
 1269  to whom the tender is made must provide the foreclosing creditor
 1270  with a suitable document in recordable form evidencing that the
 1271  person’s interest has been discharged.
 1272         (3)After expiration of the time for objection to a
 1273  proposed negotiated sale under s. 702.234(1), a person to whom
 1274  notice of foreclosure and notice of proposed negotiated sale
 1275  were sent may not assert that the foreclosure amount was
 1276  inadequate.
 1277         702.241Foreclosure by appraisal.—A secured creditor that
 1278  elects to foreclose by appraisal shall comply with the
 1279  requirements of ss. 702.241-702.246, the general provisions
 1280  regulating nonjudicial foreclosure in ss. 702.201-702.209, the
 1281  procedures required before foreclosure in ss. 702.211-702.219,
 1282  and rights after foreclosure in ss. 702.251-702.256.
 1283         702.242Appraisal.—
 1284         (1)The foreclosing creditor shall obtain a written
 1285  appraisal of the collateral. The debtor and other persons in
 1286  possession of the real property collateral must provide
 1287  reasonable access to the real property to the appraiser. The
 1288  appraisal report shall state the appraiser’s conclusion as to
 1289  the fair market value of the collateral as of a date not more
 1290  than 60 days before the date of foreclosure stated in the notice
 1291  of foreclosure.
 1292         (2) The appraisal must be made by an independent appraiser
 1293  certified by the American Institute of Real Estate Appraisers
 1294  who is not an employee or affiliate of the foreclosing creditor.
 1295         702.243Notice of appraisal.—The foreclosing creditor shall
 1296  give notice of the appraisal at least 30 days before the
 1297  proposed date of the foreclosure to the persons who must be
 1298  given a notice of foreclosure under s. 702.213. The notice of
 1299  appraisal shall be accompanied by a copy of the appraisal report
 1300  and shall state:
 1301         (1) The date on which the foreclosing creditor proposes to
 1302  foreclose by appraisal.
 1303         (2) The foreclosure amount, net of all expenses of
 1304  foreclosure, which the foreclosing creditor offers to credit
 1305  against the secured obligation and to distribute to other
 1306  persons entitled thereto, which amount may be greater or less
 1307  than the appraised value of the collateral.
 1308         (3) That, if the foreclosure by appraisal is completed,
 1309  title to the collateral will vest in the foreclosing creditor or
 1310  its nominee as of the time of foreclosure and that the stated
 1311  foreclosure amount will be applied as provided in s. 702.251.
 1312         (4) That the person receiving the notice may obtain further
 1313  information concerning the foreclosure and the appraisal by
 1314  communicating with the foreclosing creditor or the
 1315  representative of the creditor whose name, address, and
 1316  telephone number are given in the notice.
 1317         (5) That, if a debtor or interestholder whose interest in
 1318  the collateral is subordinate in priority to the foreclosing
 1319  creditor’s security interest objects to the foreclosure by
 1320  appraisal, the debtor or interestholder may give the foreclosing
 1321  creditor notice of the objection. If the notice is received by
 1322  the foreclosing creditor no later than 7 days before the date of
 1323  the proposed sale, the foreclosing creditor must discontinue the
 1324  foreclosure by appraisal unless the foreclosing creditor elects
 1325  to preserve that person’s interest from termination by the
 1326  foreclosure or discharges the person’s interest.
 1327         702.244Completion of foreclosure by appraisal.—
 1328         (1) A foreclosing creditor may complete the foreclosure as
 1329  provided in subsection (2) and ss. 702.244 and 702.245 unless
 1330  the creditor receives a notice objecting to the proposed
 1331  foreclosure by negotiated sale 7 or more days before the
 1332  proposed date of sale from a person who holds an interest in the
 1333  real property collateral which is subordinate in priority to the
 1334  foreclosing creditor’s security interest.
 1335         (2) On or after the proposed date of sale, the foreclosing
 1336  creditor shall also execute an affidavit that:
 1337         (a) Identifies the security instrument foreclosed,
 1338  including the book and page number of the official records, or
 1339  the official document number, in which it was recorded, if any.
 1340         (b) Identifies the debtor.
 1341         (c) Sufficiently describes the collateral and identifies
 1342  the book and page number of the official records, or the
 1343  official document number, in which the notice of foreclosure was
 1344  recorded.
 1345         (d) Identifies the persons to whom a notice of foreclosure
 1346  was given and the book and page number of the official records,
 1347  or the official document number, in which any documents
 1348  reflecting their interests in the collateral are recorded, if
 1349  any.
 1350         (e) States which, if any, of the persons identified
 1351  pursuant to paragraph (d) were given a special notice of
 1352  foreclosure under s. 703.213 or a notice preserving their
 1353  interests from termination by the foreclosure pursuant to s.
 1354  702.246.
 1355         (f) States that the foreclosing creditor has complied with
 1356  all the requirements of this part for a foreclosure by
 1357  appraisal.
 1358         (g) Identifies the person acquiring title to the collateral
 1359  by virtue of the foreclosure and a statement that title has
 1360  passed to that person.
 1361         702.245Recording of affidavit; time of foreclosure.—On or
 1362  after the proposed date of foreclosure, the affidavit required
 1363  under s. 702.244 must be recorded in the public records of the
 1364  county or counties in which the collateral is located. When
 1365  recorded, the affidavit transfers title to the collateral to the
 1366  foreclosing creditor or its nominee, as provided in s. 702.252.
 1367  The foreclosure amount stated in the notice of appraisal
 1368  pursuant to s. 702.243 must be applied as provided in s. 702.251
 1369  within 30 days after the time of foreclosure.
 1370         702.246Notice of objection to foreclosure.—
 1371         (1) If, 7 or more days before the proposed date of a
 1372  foreclosure by appraisal, a foreclosing creditor receives notice
 1373  of objection to the foreclosure from any person who holds an
 1374  interest in the real property collateral which is subordinate in
 1375  priority to the foreclosing creditor’s security interest, the
 1376  foreclosing creditor must:
 1377         (a) Discontinue the foreclosure pursuant to s. 702.2213, in
 1378  which case the notice of objection has no further effect;
 1379         (b) Give notice, before the time of foreclosure, to the
 1380  person who made the objection that the person’s interest in the
 1381  collateral will be preserved from termination by the
 1382  foreclosure. If the foreclosing creditor gives such notice:
 1383         1. The objection of the person to whom such notice is given
 1384  may be disregarded by the foreclosing creditor;
 1385         2. The foreclosure by appraisal may be completed;
 1386         3. The affidavit recorded under s. 702.245 must identify
 1387  that interest in the collateral of the person objecting is not
 1388  being terminated by the foreclosure;
 1389         4. The person objecting to the foreclosure is not entitled
 1390  to any of the foreclosure amount; or
 1391         (c) Discharge the interest by tendering a liquidated sum of
 1392  money or a lesser sum acceptable to the person, if the interest
 1393  is capable of being discharged for a liquidated sum of money.
 1394         (2)If the foreclosing creditor makes a tender as provided
 1395  in paragraph (1)(c) and keeps the tender in effect, the person
 1396  to whom the tender is made must provide the foreclosing creditor
 1397  with a suitable document in recordable form evidencing that the
 1398  person’s interest has been discharged.
 1399         (3)After expiration of the time to object to a foreclosure
 1400  by appraisal under s. 702.244, a person to whom notice of
 1401  foreclosure under s. 702.213 and notice of appraisal under s.
 1402  702.243 were sent may not assert that the foreclosure amount was
 1403  inadequate.
 1404         702.251Application of proceeds of foreclosure.—
 1405         (1) The foreclosing creditor shall apply the proceeds of
 1406  foreclosure and any investment earnings on the proceeds in the
 1407  following order:
 1408         (a) To pay or reimburse the expenses of foreclosure in the
 1409  case of a foreclosure by auction;
 1410         (b) To pay the obligation secured by the foreclosed
 1411  security instrument;
 1412         (c) To pay, in the order of priority, the amounts of all
 1413  liens and other interests of record terminated by the
 1414  foreclosure; and
 1415         (d) To the interestholder who owned the collateral at the
 1416  time of foreclosure.
 1417         (2)If the foreclosing creditor, in applying the proceeds
 1418  of the sale, acts in good faith and without actual knowledge of
 1419  the invalidity or lack of priority of the claim of a person to
 1420  whom distribution is made, the foreclosing creditor is not
 1421  liable for an erroneous distribution. The foreclosing creditor
 1422  may maintain an action in the nature of interpleader, in a court
 1423  of competent jurisdiction sitting in a county in which some part
 1424  of the real estate collateral is located, for an order directing
 1425  the order of distribution of the proceeds of the sale.
 1426         702.252Title transferred by foreclosure.—A foreclosure
 1427  under this part transfers the debtor’s title to the collateral
 1428  to the successful bidder, pursuant to a foreclosure by auction;
 1429  the contract purchaser, in a foreclosure by negotiated sale; or
 1430  the foreclosing creditor, in a foreclosure by appraisal. The
 1431  transfer is subject only to interests in the collateral having
 1432  priority over the security interest foreclosed, the interests of
 1433  persons entitled to notice of default under s. 702.212(3) who
 1434  were not given notice of the foreclosure, and interests that
 1435  were preserved from foreclosure by a notice that their interests
 1436  would be preserved. The interests of all other persons in the
 1437  collateral are terminated.
 1438         702.253Action for damages or to set aside foreclosure.—
 1439         (1) Subject to subsection (3), after the time of
 1440  foreclosure, an aggrieved person may commence a proceeding in a
 1441  court of competent jurisdiction seeking the following relief:
 1442         (a) Damages against a foreclosing creditor for any
 1443  violation of this part or law or principle of equity in the
 1444  conduct of the foreclosure.
 1445         (b) That the foreclosure be set aside to correct a
 1446  violation of this part or to satisfy a law or principle of
 1447  equity.
 1448         (2) Recording of the deed and affidavit pursuant to s.
 1449  702.2212, the deed and affidavit pursuant to s. 702.235, or the
 1450  affidavit pursuant to s. 702.245 conclusively establishes
 1451  compliance with all applicable notice and procedural
 1452  requirements of this part in favor of good faith purchasers for
 1453  value of the collateral. If the title derived from foreclosure
 1454  is not held by a good faith purchaser for value, a person
 1455  attacking the foreclosure on grounds of noncompliance with the
 1456  notice or procedural requirements of this part has the burden of
 1457  production and persuasion.
 1458         (3) An action may not be commenced:
 1459         (a) For damages for violation of this part more than 3
 1460  years after the time of foreclosure.
 1461         (b) For an order to set aside a foreclosure conducted under
 1462  this part more than 1 year after the time of foreclosure.
 1463         702.254Possession after foreclosure.—A person that
 1464  acquires an interest in real property by foreclosure under this
 1465  part may obtain a writ of possession from the clerk of court of
 1466  the county in which any part of the collateral is located, or
 1467  commence an action for ejectment under chapter 66 or for
 1468  unlawful detainer under chapter 82, to gain possession of the
 1469  real property against any person whose interest in the real
 1470  property was terminated by the foreclosure.
 1471         702.255Judgment for deficiency.—
 1472         (1)Except as provided in subsection (2), after the time of
 1473  foreclosure the foreclosing creditor and any other person whose
 1474  security interest in the collateral was terminated by a
 1475  foreclosure under this part is entitled to a money judgment
 1476  against any person liable for a deficiency.
 1477         (2) A debtor is not liable to a foreclosing creditor for a
 1478  deficiency after a foreclosure under this part if:
 1479         (a) The foreclosing creditor waived the right to a
 1480  deficiency; or
 1481         (b) The debtor is a residential debtor and the secured
 1482  obligation was a purchase-money debt, unless the debtor is found
 1483  by the court not to have acted in good faith. This paragraph
 1484  does not apply if the purchase-money debt has been refinanced or
 1485  modified pursuant to prior mediation or negotiation with the
 1486  foreclosing creditor or its predecessor in interest.
 1487         (3) For purposes of this section, a residential debtor
 1488  acted in good faith if the debtor:
 1489         (a) Peaceably vacated the real estate collateral and
 1490  relinquished any personal property collateral within 10 days
 1491  after the time of foreclosure and the giving of a notice
 1492  demanding possession by the person entitled to possession by
 1493  virtue of the foreclosure;
 1494         (b) Did not commit significant affirmative waste upon the
 1495  collateral and leave such waste uncured at the time possession
 1496  was relinquished to the person entitled to possession by virtue
 1497  of the foreclosure;
 1498         (c) Did not significantly contaminate the collateral with
 1499  hazardous materials and leave the contamination uncured at the
 1500  time possession was relinquished to the person entitled to
 1501  possession by virtue of the foreclosure;
 1502         (d) Did not commit fraud against the foreclosing creditor;
 1503         (e) Did not engage in criminal activity on the secured real
 1504  estate collateral which significantly reduced its value at the
 1505  time possession was relinquished to the person entitled to
 1506  possession by virtue of the foreclosure;
 1507         (f) Did not permit significant uncured damage to be done to
 1508  the collateral by other persons or natural causes as a result of
 1509  the debtor’s failure to take reasonable precautions against the
 1510  damage; and
 1511         (g) Provided reasonable access to the collateral for
 1512  inspection by the foreclosing creditor and prospective
 1513  purchasers after the initial notice of foreclosure was sent.
 1514         (4) The burden of proof as to the absence of good faith on
 1515  the part of a residential debtor is on the person seeking a
 1516  deficiency judgment against the debtor. The absence of good
 1517  faith by one residential debtor does not make any other
 1518  residential debtor liable for a deficiency.
 1519         (5)If liability of a residential debtor for a deficiency
 1520  is barred by paragraph (2)(b), liability of a guarantor of the
 1521  residential debtor’s obligation is also barred.
 1522         (6) This section does not prohibit recovery of a deficiency
 1523  by a person other than the foreclosing creditor.
 1524         702.256Determining amount of deficiency.—
 1525         (1) Subject to subsection (2), the deficiency to which a
 1526  foreclosing creditor is entitled after a foreclosure under this
 1527  part is the balance remaining, if any, after subtracting the
 1528  foreclosure amount as determined under s. 702.2211, s. 702.233,
 1529  or s. 702.243 from the balance owing on the secured obligation,
 1530  including principal, interest, legally recoverable fees and
 1531  charges, and, in the case of a foreclosure by auction, the
 1532  expenses of foreclosure.
 1533         (2)In an action for a deficiency brought by the
 1534  foreclosing creditor following a foreclosure by auction, a
 1535  person against whom the action is filed may petition a court of
 1536  competent jurisdiction for a determination of the fair market
 1537  value of the collateral at the time of foreclosure. After a
 1538  hearing at which all interested parties may present evidence of
 1539  fair market value, the court shall determine the fair market
 1540  value of the collateral as of the time of foreclosure. The
 1541  determination must be made by the court without a jury. If the
 1542  court determines that 90 percent of the fair market value of the
 1543  collateral was greater than the bid accepted at the foreclosure
 1544  sale, 90 percent of the fair market value must be substituted
 1545  for the foreclosure amount in making the calculations required
 1546  by subsection (1) with respect to all parties against whom a
 1547  judgment for a deficiency is entered.
 1548         702.261Uniformity of application and construction.—In
 1549  applying and construing this part, consideration must be given
 1550  to the need to promote uniformity of the law with respect to its
 1551  subject matter among states that enact substantially similar
 1552  nonjudicial foreclosure acts.
 1553         702.262Relation to Electronic Signatures in Global and
 1554  National Commerce Act.—This part modifies, limits, and
 1555  supersedes the federal Electronic Signatures in Global and
 1556  National Commerce Act, 15 U.S.C. s. 7001 et seq., except that
 1557  nothing in this part modifies, limits, or supersedes s. 7001(c)
 1558  of that act or authorizes electronic delivery of any of the
 1559  notices described in s. 7003(b) of that act.
 1560         Section 2. This act shall take effect July 1, 2010.

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