What is Foreclosure in Weston, Florida?

Find the right Foreclosure Bankruptcy attorney in Weston, FL

Foreclosure is the legal process 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 Weston, 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 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 many 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 borrower 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 Weston, Florida attorney to see if this state is one of them.

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 honest with them. Ignoring the issue will not make it go away. It is crucial to remember that the bank does not really want your Weston 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 believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. You might 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 Weston, Florida Attorney Help?

If you are worried about foreclosure, a good Weston, 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.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Weston

Weston is one of South Florida's suburbs. It is home to about 66,000 people. Interestingly, in 2010, Money Magazine ranked Weston the 19th "Biggest Earners" city in America due to the median family income being about ,000.

With such a high median income, Weston is seen as an area with large job growth. It also is known as a very affordable area with a well planned community. Along with being home to businesses of all sizes, Weston is also home to many law firms. Weston residents can be rest assured that any and every legal inquiry of theirs can be handled by Weston's legal force.

Some popular Weston residents include Jason Taylor, Manny Ramirez, Joey Porter, Dan Marino, Al Leiter, Eddie Jones, Brandon Jackson, Dudley Hart, and Will Allen.

Many Florida residents aspire to be a part of the Weston community!

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