What is Foreclosure in Cape Coral, Florida?

Find the right Foreclosure Bankruptcy attorney in Cape Coral, FL

Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan. This is done when the Cape Coral, Florida debtor has repeatedly failed to make their payments. Foreclosure typically results in the property being sold in an auction. Banks typically want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the easiest way to do this.

In all states in the U.S., including Florida, there is an option to go through foreclosure via judicial sale, in which a court oversees the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that might have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Cape Coral, Florida to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Florida?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is necessary to remember that the bank does not really want your Cape Coral house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't reach a solution with your lender, there are other options. You could, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

How Can A Cape Coral, Florida Attorney Help?

If you are faced with the possibility of foreclosure in Cape Coral, Florida, an attorney might be able to help. At the very least, he or she can advise you of your legal options.

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Life in Cape Coral

Cape Coral, Florida is a city in Lee County, Florida. It has a population of approximately 155,000 people.

The city of Cape Coral, Florida was founded in 1957. Development of the area continued through the 1960s. Cape Coral saw a major addition with the construction of the Cape Coral Bridge, which is about 1 kilometer long. This reduced the drive time between Cape Coral and nearby Fort Myers from over half an hour to just a few minutes.

This allows the professionals who reside in Cape Coral, Florida, such as doctors, accountants, and lawyers, to shorten their commutes to the larger cities in the surrounding area, turning Cape Coral into a quiet residential community.

The economy of Cape Coral, Florida is largely dominated by city government, healthcare, and services. All of these industries employ large numbers of administrative personnel, such as lawyers.

If you live in or around Cape Coral, Florida, and need an attorney, it's very likely that there's a Cape Coral, Florida lawyer who can help you with whatever legal issue you might face.

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