What is Foreclosure in Melbourne, Florida?

Find the right Foreclosure Bankruptcy attorney in Melbourne, 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 Melbourne, 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 Melbourne, 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?

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 honest with them. One should remember that banks generally don't want to take your house in Melbourne. 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 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. 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 Melbourne, Florida Attorney Help?

If you are worried about foreclosure, a good Melbourne, 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 Melbourne

When people think of Melbourne, they think Australia. However, the state of Florida also has a city named Melbourne. Melbourne was named in honor of its first postmaster, Cornthwaite John Hector. Hector had spent a majority of his life in Melbourne, Australia. Hence, the name Melbourne arose!

Popular employers in the city include DRS Technologies, General Electric, Harris Corporation, Northrop Grumman, Rockwell Collins and Embraer. Many of these companies are in the defense field. Therefore, much of Melbourne's workforce labors towards providing our country with top-notch defense.

Some popular attractions in Melbourne include the Foosaner Art Museum, the Historic Rossetter House Museum, Brevard Zoo, Wickham Park, and the Liberty Bell Memorial Museum.

Melbourne is filled with many small law offices, where attorneys work hard to provide excellent legal services and personalized attention!

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