What is Foreclosure in Tallahassee, Florida?

Find the right Foreclosure Bankruptcy attorney in Tallahassee, 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 Tallahassee, 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 various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Tallahassee, Florida lawyer to see if this state is one of them.

How Can I Avoid Foreclosure in Florida?

First and foremost, you should not dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be honest with them. It is crucial to remember that the bank does not really want your Tallahassee house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. You could also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Tallahassee, Florida Attorney Help?

If you think foreclosure is imminent, a good Tallahassee, Florida lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Tallahassee

Tallahassee is the capital of Florida, with an approximate population of 181,376 people. Tallahassee is known to be a great college town, being home to Florida State University, Florida AM University, and branches of Saint Leo University, Thomas University, Keiser University, Barry University, and Flagler College.

Alongside great education, Tallahassee offers great attractions! These attractions include the Alfred B. Maclay State Gardens, the Tallahassee Museum of History and Natural Science, the Mary Brogan Museum of Art and Science, St. Marks National Wildlife Refuge, and the Knott House Museum.

Tallahassee is also home to many law firms of all sizes, small, medium, and large. These firms house many competent attorneys in all areas of practice. Thus, residents, businesses, and corporations in Tallahassee should rest assured because any legal inquiry can be handled by the legal force in Tallahassee.

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