What is Foreclosure in Miramar, Florida?

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

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 straightforward with them. You should keep in mind that banks normally don't want to take your Miramar 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 reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. You may also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Miramar, Florida Attorney Help?

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

Miramar is a city Broward County, Florida. It has a population of 108,000, as of estimates by the U.S. Census Bureau from the year 2007.

The city of Miramar, Florida is named after the Miramar District, in Havana, Cuba.

Miramar is home to very large communities of Columbian and Jamaicanimmigrants, and Cuban expatriates. These various ethnic groups have contributed to the diverse character of Miramar, and influenced its unique culture.

Miramar is the headquarters of Spirit Airlines, a low-cost carrier operating flights throughout the Americas. It is one of the largest employers in the Miramar area. Miramar is part of the South Florida Metro Area, which includes Miami and other major tourist destinations. As a result, tourism and travel are major drivers of Miramar's economy.

Thanks to its diversity and economic vitality, there is a thriving legal community in Miramar, Florida. Miramar, Florida lawyers are experienced in dealing with a wide variety of clients and cases; in a community as diverse as Miramar, they have to be in order to stay competitive. For most Miramar, Florida attorneys, there is no case to big or too small.

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