What is Foreclosure in North Port, Florida?

Find the right Foreclosure Bankruptcy attorney in North Port, 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 North Port, 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 some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take ownership of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the debtor for the remaining balance once it sells the house. You should consult a lawyer in North Port, Florida to find out if this is the case here. This typically does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Florida?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be forthright with, your creditor as much as possible. You should keep in mind that banks typically don't want to take your North Port 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 keep you from defaulting.

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 North Port, Florida Attorney Help?

If you are worried about foreclosure, a good North Port, Florida real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in North Port

North Port is a very small city located in the Sarasota County of Florida. It was first developed by the General Development Corporation as a part of its Port Charlotte development. Later, the city came under the name North Port. North Port is located between Tampa and Fort Myers.

Some popular attractions of North Point are the Heron Creek Golf Country Club, and Bobcat Trail Golf Country Club. North Port is also filled with many naturist spots. Therefore there are many walking, hiking, and bike trails. Essentially it is a nature lover's dream.

North Point is very small. Therefore there are a few small law offices with excellent attorneys.

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