What is Foreclosure in Margate, Florida?

Find the right Foreclosure Bankruptcy attorney in Margate, FL

Foreclosure is the legal procedure 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 Margate, 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 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 Margate, 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?

Most importantly, you must not dismiss the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is important to remember that banks don't really want to own homes in Margate. 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. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

How Can A Margate, Florida Attorney Help?

If you are faced with the possibility of foreclosure in Margate, Florida, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.

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Life in Margate

Margate is a part of the Miami-Fort Lauderdale-Pompano Beach metropolitan area. Margate has an approximate population of 54,000 people.

Two of the most popular attractions in Margate include Sparez and the Eagle Lakes Golf Course. Margate is filled with many naturistic spots where residents and tourists can sit back, relax, and enjoy nature!

Being so near Miami and Fort Lauderdale, Margate residents have available to them a plethora of law firms that train excellent attorenys. These attorneys are highly-qualified to handle both simple and complex legal matters.

All in all, Margate offers residents a small town feel with an unified, community-like spirit.

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