What is Foreclosure in Kendall, Florida?

Find the right Foreclosure Bankruptcy attorney in Kendall, 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 Kendall, 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 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 Kendall, Florida to see if this is the case. However, this normally 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 straightforward with them. You should keep in mind that banks normally don't want to take your Kendall home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will prevent you from defaulting.

If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

How Can A Kendall, Florida Attorney Help?

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

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Life in Kendall

Kendall is a small suburb of Miami, Florida. It is a quick drive to Downtown Miami and the Miami International Airport. Some popular schools located in Kendall include Kaplan University and Nova Southeastern University.

Being so close to Miami, Kendall residents have access to the large legal force in Miami. In other words, Kendall residents can seek the aid of small, mid-size, and large law firms located in Miami for all their legal needs. These firms train excellent attorneys with sharp minds and ambition, who are devoted to providing excellent legal services.

Many people who want to take advantage of the work force in Miami, yet do not want to live in the "daily city grind" call Kendall their home. Some famous residents include Janet Reno and OJ Simpson!

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