What is Foreclosure in Davie, Florida?

Find the right Foreclosure Bankruptcy attorney in Davie, FL

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (normally a house) that secured the loan. This is done when the Davie, Florida debtor has repeatedly failed to make their payments. Foreclosure normally results in the property being sold in an auction. Banks normally want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the simplest 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 supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Davie, Florida lawyer to see if this state is one of them.

How Can I Avoid Foreclosure in Florida?

First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make an issue go away. You should stay in touch, and be straightforward with, your creditor as much as possible. It is important to remember that banks don't really want to own homes in Davie. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. There is also the option of a "short refinance," which forgives a considerable portion of your mortgage debt, and refinances the rest.

How Can A Davie, Florida Attorney Help?

If you are facing the possibility of foreclosure, a good Davie, Florida real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Davie

Davie, Florida is a city filled with history. It was first named Zona. In 1909 a gentleman named Robert Parsell Davie, who was a developer, came into Zona and drained out the swamplands, which were filled with mosquitoes. The people of the city were so thankful that they renamed the city Davie after the developer. Davie is known to many as a "Western town," rather than a city because many people own horses and herd cattle.

Some popular attractions in Davie include the Flamingo Gardens, Miami Dolphins Training Facility, Bergeron Rodeo Grounds, Bamford Sports Complex, and Young At Art Museum.

Now, Davie has become more city-like, and it not just a place filled with horses and cattle. Davie, in fact, is home to many small law offices. Attorneys in Davie are very intelligent, and devoted to serving their community.

All in all, if you are looking for a small town with a lot of love, hospitality, and a legal force presence, Davie is the place to be!

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