What is Foreclosure in Lauderhill, Florida?

Find the right Foreclosure Bankruptcy attorney in Lauderhill, 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 Lauderhill, 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 United States, including Florida, foreclosure by judicial sale is an option. This allows the sale to be conducted 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 debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an Attorney in Lauderhill, Florida to see if this is the case. However, this typically doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Florida?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be forthright with them. Ignoring the issue will not make it go away. It is necessary to remember that banks don't really want to own homes in Lauderhill. 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 enable you to keep paying them in the long run.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might 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 usually 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 might be forgiven. You might also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Lauderhill, Florida Attorney Help?

If you are faced with the possibility of foreclosure in Lauderhill, 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 Lauderhill

Lauderhill is a city in Florida with a population of approximately 66,887 people. It is located in the Miami-Fort Lauderdale-Pompano Beach metropolitan area. From this description itself, Lauderhill's location seems exquisite! After all, Fort Lauderdale, Miami and the Pompano area are filled with beautiful beaches!

Some popular Lauderhill attractions include Lady Helen Fishing Charters, Fort Lauderdale Antique Car Museum, Bonnet House Museum and Gardens, Sawgrass Recreation Park, Las Olas Boulevard, Stranahan House, Everglades Holiday Park, and Anne Kolb Nature Center.

Being in such a great location, Lauderhill and surrounding areas are filled with law firms of all sizes. These firms train attorneys of various skill levels, who are able to handle any legal issue in all areas of law.

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