What is Foreclosure in Jupiter, Florida?

Find the right Foreclosure Bankruptcy attorney in Jupiter, FL

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (usually a house) that secured the loan. This is done when the Jupiter, Florida debtor has repeatedly failed to make their payments. Foreclosure usually results in the property being sold in an auction. Banks usually 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 United States, including Florida, foreclosure by judicial sale is an option. This allows the sale to be done under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Jupiter, Florida to see if this is the case. However, this usually doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Florida?

First and foremost, you should not dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be honest with them. One should remember that banks generally don't want to take your house in Jupiter. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to keep you from defaulting.

If no deal can be worked out, or the mortgage payments have become prohibitive, you may consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders generally treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency may be forgiven. You may also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Jupiter, Florida Attorney Help?

If you are worried about foreclosure, a good Jupiter, Florida real estate attorney may be able to help. An attorney can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Jupiter

Jupiter, alongside being the name of a planet, is also the name of a town located in Palm Beach County, Florida. It is a small town that is home to about a little over 50,000 people.

Jupiter is a small town, with a community-like feel. Everyone knows everyone. The town is mostly filled with married couples and families, with a median income between ,000 to ,000. Surprisingly, many people have vacation homes in Jupiter. When people want to get away from the hustle-bustle of city life, Jupiter is a great place to escape for some peace and quiet.

Jupiter is also home to small law offices devoted to providing excellent, personalized legal services in all practice areas.

Some famous residents of Jupiter include Tori Amos, Don Brewer, Julie Dubela, Brett Wetterich, Wayne Rosenthal, and Kurt Pellegrino.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY