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Foreclosure Defense Attorneys in Coconut Creek, Florida
Florida defines a Foreclosure as a process that involves an entity that issued a mortgage taking possession and/or ownership of the property that secured the mortgage after the person who took out the mortgage has fallen behind on the payments they’re supposed to make on it. This property is typically a house.
When the lender takes possession of the house, they auction it to recoup the balance of the mortgage. Naturally, banks look to sell as quickly and as expensively as possible.
Like all American states, in Florida, the defaulter reserves the right to a judicial sale of their house or property upon foreclosure. Judicial sales are auctions supervised by courts. The rationale behind a judicial sale is to ensure that the lender takes prudent steps to sell the property for as much money as possible. Furthermore, a judicial sale gives the homeowner a chance to bid on their house if they can. The house fetching the best price reasonable is in everyone’s interests – even the borrower’s. If the house goes for a higher rate than the balance of the mortgage, the buyer may keep what’s left over. On the other hand, if it sells for less, the buyer may have to pay for the deficiency.
In most states, mortgages are considered as a type of loan known as a ‘non-recourse loan. This means that the lender can’t go after the borrower for the balance if selling doesn’t cover the mortgage. They’ll take the loss.
How Can One Avoid Foreclosure in Coconut Creek, Florida?
The most important thing is to contact your lender when you’re served with papers. Ignoring it will make make the process move along faster. Be as straightforward with the lender and remain in close contact with them. A Foreclosure Defense Attorney in Coconut Creek, Florida will help negotiate the best terms to delay the Foreclosure.
You shouldn’t get vengeful since it is in the best interests of the bank if you make your mortgage; they aren’t scheming to rob you of your home. In the long run, Foreclosures are never as lucrative for the banks as the mortgage would have been. They are a last resort for banks, a decision to cut their losses.
Therefore, it is likely that the lender could be willing to tweak the terms of your agreement so that you can make lower payments. This becomes an option for everyone if it means they can still get some money from you, with defaulting the alternative.
Most buyers in Florida often resort to short sales. This means selling the house and using the money to pay off the balance on the mortgage. The reason why a short sale is an appealing option is that in case the house sells for less than the balance of the mortgage, they won’t have to pay the remainder of the mortgage – the debt is excused.
Can a Real Estate Lawyer in Coconut Creek, Florida, Help?
If you’re worried that a Foreclosure is imminent on your Coconut Creek, Florida house, you can try and stop it from happening by hiring a reliable real estate lawyer. Contact the Coconut Creek Florida Foreclosure Defense Attorneys for help stopping or delaying your foreclosure!