North Miami Beach Foreclosure Lawyers

Find the right Foreclosure attorney in North Miami Beach, FL

Foreclosure Law in Florida

In North Miami Beach, 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 individuals are facing foreclosure, it normally involves a house. The bank will acquire the house with the intent of selling it at an auction, hoping to cover whatever's left on the mortgage, giving them at least a chance to break even on the loan.

In Florida, and every other state, foreclosed homeowners can go through a "foreclosure by judicial sale." In this form of foreclosure sale, a court supervises the sale, ensuring that the bank makes every reasonable effort to get the highest price possible for the house. The purpose of this is to maximize the chances that the bank gets, at the very least, the remaining balance of the mortgage. Although this may seem counter-intuitive, it is intended to safeguard the borrower: it helps prevent them from still owing money after the house is sold at auction.

In many states, mortgages fall into a category of loans recognized as "non-recourse loans." This means that, if the house is sold by the lender, the entire debt is eliminated, even if the sale price was less than the remaining balance on the loan. While the loss of one's home can be personally devastating, treating a mortgage as a non-recourse loan at least means that the homeowner will be more or less free to move on with their life once the property is foreclosed and sold.

How to Possibly Avoid Foreclosure in North Miami Beach, Florida

It's extremely 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 case, they have to know about it.

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're mainly money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, particularly if this means that they will be able to get some payments, instead of none at all.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the funds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Florida, the remaining debt is absolved.

Can a North Miami Beach, Florida real estate attorney help?

If you live in North Miami Beach, Florida and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an accomplished real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in North Miami Beach

North Miami Beach is a suburb located in the Miami-Dade County of Florida. The city was originally named Fulford, and was renamed North Miami Beach in 1931. It is home to about 39,000 people.

Some popular attractions include Haulover Pkr, Haulover Beach, the St. Bernard de Clairvaux Church, and the Judge Arthur I. Snyder Tennis Center.

Famous people who have lived in North Miami Beach include Jonathan Zaslow, Max Jean-Gilles, Garcelle Beauvais, and Louis Delmas.

Miami is home to many law firms of all sizes. These firms train excellent attorneys with sharp minds and a "keen legal eye." Therefore no legal matter will pass unattended for North Miami Beach residents.

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