What is Foreclosure in Pembroke Pines, Florida?

Find the right Foreclosure Bankruptcy attorney in Pembroke Pines, FL

Foreclosure is the legal process 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 Pembroke Pines, 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 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 Pembroke Pines, Florida to find out if this is the case here. This normally does not 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 straightforward with them. Ignoring the issue will not make it go away. You should remember that banks in Pembroke Pines don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are straightforward with them, lenders will normally try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you can't reach a solution with your lender, there are other options. You could, 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 get the proceeds of the sale, and the rest of the debt will be forgiven. You might 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 relatively small loss, and allows the homeowner to keep their home.

How Can A Pembroke Pines, Florida Attorney Help?

If you are faced with the possibility of foreclosure in Pembroke Pines, 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 Pembroke Pines

Pembroke Pines is the 157th largest city in the United States and still manages to win "All America City Awards" and outstanding achievement in the Civil Livability Awards Program. The 150,000 residents of Pembroke Pines are also within the limits of Broward County that has won the Five Star School Award from the Florida department of Education. The schools were recognized for outstanding community involvement exemplifying the city's motto: "Join us and progress with us." Pembroke Pines was originally incorporated in 1960 and was named for the nearby road, Pembroke Road. The convenient location along the Florida Turnpike makes it a great place for commerce. In addition to an airport and the Broward Correctional Institution, Pembroke Pines also plays host to some of the best shopping in all of Broward County and maybe even the state. There are a number of shopping centers, malls, and outlet stores nearby. Many celebrities and sports stars call Pembroke Pines home. Baseball players Manny Ramirez, Jeff Fiorentino, Mike Napoli, and Miami Dolphins wide receiver Kendall Newson all call Pembroke Pines home. Demographically, Pembroke Pines is very diverse. Many lawyers are residents of Pembroke Pines and are familiar with local legal issues and procedures. Pembroke Pines lawyers are knowledgeable of the Florida State Judicial System and will be able to help you figure out your options and fight for you.

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