Brandon Foreclosure Lawyers

Find the right Foreclosure attorney in Brandon, FL

Foreclosure Law in Florida

In Brandon, 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 person 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 normally take possession of the house, and then sell it at auction, to try to cover the balance of the mortgage. Banks typically 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 simply an auction overseen 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 some states, original mortgages are identified as "non-recourse" loans, making the above problem a non-issue. This basically means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.

How to Possibly Avoid Foreclosure in Brandon, Florida

It's quite important that you engage in continued communication with your bank. Lenders are surprisingly willing to make accommodations if it means they still get paid something, but in order to accommodate your situation, they have to know about it.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably 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 simply a last resort to cut their losses.

Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, 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.

Finally, there is the "short sale." Typically 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 option. 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 Brandon, Florida real estate attorney help?

If you are facing foreclosure in Brandon, Florida, and want to do everything practicable to save your house, the assistance of a knowledgeable real estate lawyer might prove invaluable.

Talk to a Real Estate Law Attorney now!

Life in Brandon

Brandon may not be incorporated as an official city but it is one of the most popular places in Florida. This Hillsborough County census designated place is home to 91,000 residents and has seen rapid growth of nearly 17% each year. Brandon's namesake is John Brandon who moved to the area with his wife and six children and purchased a total of 160 acres. Needless to say, Brandon isn't the same area as it once was and now offers many attractive amenities like golf course resorts and outstanding shopping.

Brandon has seen rapid growth over the past five decades. In the 1970s 430 businesses, 3 malls, and 40,000 new residents fled to Brandon because of it's convenient location and desirable weather. On average, it only snows once every 10 years. By the 1980s there were more than 2,500 businesses and 100,000 residents. Today, Brandon is most notably home to the World Wrestling Entertainment (WWE) training facility where potential superstars hone their skills. With many celebrities come many lawyers. However, Brandon lawyers are familiar with advising clients on a wide variety of legal related issues and are licensed to practice everywhere in the state.    

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