What is Foreclosure in Deerfield Beach, Florida?

Find the right Foreclosure Bankruptcy attorney in Deerfield Beach, 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 Deerfield Beach, 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 Deerfield Beach, 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 crucial to remember that banks don't really want to own homes in Deerfield Beach. 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 can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. 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 Deerfield Beach, Florida Attorney Help?

If you are facing foreclosure, a good Deerfield Beach, Florida real estate lawyer can help. While keeping your home might not always be possible, an attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Deerfield Beach

Welcome to Deerfield Beach, Florida-- a city known for its beachside charm. Located in Southern Florida, Deerfield is located north of popular Florida city, Miami. Deerfield Beach has a very tourist-oriented feel to it. The sunny Florida shores are another aspect that tourists enjoy in Deerfield.

Deerfield Beach's economy is as diverse as its population, specializing in manufacturing, distribution, and office industries. Deerfield has the ninth largest Brazilian population in the United States--a presence that is reflected in many of the local restaurants in Deerfield. Every year Deerfield Beach plays host to the Women's Professional Volleyball Association and the Superboat Power Race. Deerfield Beach is home to close to 80,000 residents and is located on Broward County, Florida.

Another notable aspect of Deerfield Beach is the amazing legal culture the community enjoys. Deerfield lawyers hail from all areas of the United States and their range of specialties is as diverse as they are. Lawyer in Deerfield are available to serve their clients in any legal issue they may find themselves confronted with. Deerfield Lawyers are highly skilled and Deerfield is lucky to have them!

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