Selling a Home in Foreclosure in Florida
When you purchased your home, it likely never entered your mind that you would be facing foreclosure. Unfortunately, life is filled with unexpected twists and turns, many of which have severe financial implications. Even those with the best of intentions may find themselves in a position where they cannot afford to make their mortgage payments and keep the home they worked hard to purchase.
Often, selling the property is the right answer to this problem, but moving forward requires difficult decisions to be made very quickly. In situations like this, time is valuable; identifying and engaging a Florida foreclosure defense lawyer to help you recognize your options and make appropriate choices is in your best interests.
Life Is Overwhelming
What Happens When a Home Enters Foreclosure
While foreclosure is a common occurrence today in Florida, the process can vary depending on both your circumstances and the mortgage company with which you are working. Foreclosure generally begins three to six months after you fail to make mortgage payments.
If you do not make your account current, in 3-6 months you will receive paperwork known as a demand notice or default letter. This formal communication gives you a specified amount of time to pay the monies owed. If you do not act, the mortgage company may have the right to foreclose your property to recoup their losses.
If your home is in foreclosure, or you believe that it is going to be, engaging the assistance of a foreclosure defense attorney should be your first course of action.
This professional can review your situation and help identify possible options, which may include addressing errors made by your lender, loan modification, forbearance, or a sale.
Selling Before the Foreclosure Auction
In difficult times, protecting yourself and your financial reputation is critical. One way to do this is to sell your home before the foreclosure auction. Selling the property could relieve you of your financial struggles. Depending upon the state of the real estate market, you may come out ahead if your home is worth more today than what you paid. You would want to work with a seasoned South Florida real estate agent who understands how to sell homes in foreclosure. Additionally our office can list the property for sale on your behalf for a reduced commission and defend your foreclosure case for no upfront cost to you. Call our office to find out how we can help you sell your home and defend your foreclosure case with no money down.
Right of Redemption
Foreclosure laws are incredibly complex but do offer options for those in default. For many, the right of redemption is a light during a dark time. This law provides: “At any time before the later of the filing of a certificate of sale by the clerk of the court or the time specified in the judgment, order, or decree of foreclosure, the mortgagor or the holder of any subordinate interest may cure the mortgagor’s indebtedness and prevent a foreclosure sale by paying the amount of moneys specified in the judgment, order, or decree of foreclosure, or if no judgment, order, or decree of foreclosure has been rendered, by tendering the performance due under the security agreement, including any amounts due because of the exercise of a right to accelerate, plus the reasonable expenses of proceeding to foreclosure incurred to the time of tender, including reasonable attorney’s fees of the creditor. Otherwise, there is no right of redemption.”
You should discuss the right of redemption with your Florida foreclosure defense attorney to determine if this is something you may be able to leverage on your behalf.
Challenges and Considerations
Recognizing Your Options and Their Pros and Cons
While selling your home while it is in the process of foreclosure in Florida may seem like the answer to all of your problems (it safeguards your credit rating), some challenges and considerations are important to review.
First, you will be operating under a significantly shorter time frame than if you decided to sell your house under better circumstances. These deadlines mean you will have less time to prepare your home for sale and market it to the public. This can result in fewer potential buyers and a sale price that may be lower than market value or less than you would receive had you had more time.
If you sell your home for less than your outstanding mortgage, you are responsible for paying the difference; simply selling the property does not absolve you of all of your debt.
In situations like this, the assistance of a foreclosure attorney who is also a real estate agent is invaluable. The communication is incredibly complex, and working with professionals who understand the process can protect your well-being and help things go more smoothly.
Engage Professional Assistance Today
The Law Office of Carlos M. Amor, P.A. Can Help With Selling Your Home while in Foreclosure in Florida
Are you considering selling a home that is in foreclosure? If you answered yes, it’s time to engage an experienced foreclosure attorney and real estate agent. The Law Office of Carlos M. Amor, P.A. has more than 15 years of experience representing individuals in Florida in similar positions.
Our reputation for providing hands-on, personal service is outstanding. We appreciate the importance of this transaction for each of our clients and take time to walk them through the process with kindness and compassion, all the while leveraging our knowledge and experience on their behalf.
If your home is in foreclosure and moving forward with a sale is one of your options, contact The Law Office of Carlos M. Amor, P.A. today at 954-453-7200 to schedule a free consultation, in person, by phone, or via video conference.
Understanding your options and their implications is critical to making smart decisions. Carlos M. Amor can explain your options, in language you can understand, and advise how they will affect you today and in the future.
ATTORNEY CARLOS M. AMOR
Carlos M. Amor is a skilled and experienced attorney and real estate broker. His legal practice in South Florida focuses on real estate litigation, real estate investments, tax deed and foreclosure auction purchases, traditional real estate transactions, short sales, foreclosure defense, and civil litigation. Carlos thinks “outside the box” and takes a practical approach to finding solutions that benefit his clients. [ Attorney Bio ]