Coral Springs Foreclosure Lawyers

Find the right Foreclosure attorney in Coral Springs, FL

Foreclosure Law in Florida

In Coral Springs, Florida, foreclosure is a legal process through which an entity which has issued a mortgage takes possession and/or ownership of the property that secured the mortgage, because the individual who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.

When consumers have to deal with foreclosure, it almost always involves a home. The bank will usually take possession of the house, and then sell it at auction, to try to encompass the balance of the mortgage. Banks normally want sell the property quickly, for as much money as possible.

In every U.S. state, including Florida, a borrower has a right to a judicial sale of their foreclosed property. A judicial sale is just an auction supervised by a court. The purpose of this is to make sure that the lender takes reasonable steps to sell the home for the highest possible price, and to ensure that the homeowner has an opportunity to bid on the house, if he or she is able. It is in everybody's interest for the bank to get the highest price possible for the house, even the borrower's. If the house fetches a higher price than what's left on the mortgage, the buyer can keep what's leftover. On the other hand, if it fetches less, the buyer might have to pay the deficiency.

In a large number of states, but not all of them, mortgages are a type of loan recognized as a "non-recourse loan." While the regulations governing these loans are complex, it most essentially means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Coral Springs, Florida

First and foremost, you need to communicate with your lender, and not dismiss the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be straightforward with your lender, and stay in touch with them as much as possible.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they likely aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is just a last resort to cut their losses.

Because banks don't specifically enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. Nonetheless, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

Lastly, there is the "short sale." Normally considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good choice. In Florida, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

Can a Coral Springs, Florida real estate attorney help?

If you are worried that your Coral Springs, Florida house is going to be foreclosed, and want to try and stop this, a seasoned real estate lawyer can help.

Talk to a Real Estate Law Attorney now!

Life in Coral Springs

Coral Springs, Florida, is part of Broward County and has a population of about 126,000 people. Coral Springs has received many accolades for its family-friendly atmosphere, low crime rates, and overall quality of living.

The city of Coral Springs, Florida is known for having a distinct, unique appeal amongst other Florida cities. Part of the city's charm may be attributed to strict zoning and housing codes that enhance its aesthetic appeal. Also, Coral Springs was master-planned and developed primarily by Coral Ridge Properties, which is also where the city gets its name from. Much of the city's economic success can be attributed to excellent planning.

Coral Springs also maintains several parks, museums, and recreation centers. A popular attraction is the Coral Springs Center for the Arts, which also contains a theater capable of seating over 1,400 people. Art classes and community programs are held at Coral Springs Museum of Art. The city also hosts the "Our Town" festival, which attracts over 200,000 visitors yearly. Participants in the festival enjoy a mix of activities such as carnival rides, a parade, and a beauty pageant.

Lawyers in Coral Springs, Florida are available for consultation and representation in court. Attorneys in Coral Springs, Florida contribute their services to the progress and well-being of the city and its residents.

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