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December 2014 Archives

How do foreclosures work?

Homeowners in Florida may be interested in understanding more about the foreclosure process. Foreclosures may be described as a mortgage holder or a third-lien holder's right to obtain ownership and sell property. When the lien is in default status, the lien holder may use the proceeds from the sale to pay off the mortgage. The law provides mortgagors with a reasonable amount of time to pay off a property in default status before it is taken away.

Florida property owners and anti-deficiency laws

When a home goes into foreclosure, the lender acquires the property and sells it to the highest bidder. In some cases, there may be a deficiency after the home is sold. A deficiency is the difference between the selling price of the home and the amount left on a mortgage. For instance, if a homeowner owed $500,000 on a home that sold for $400,000, there would be a $100,000 deficiency.

Ways to stop a home foreclosure

An impending foreclosure can be a very stressful time for any Florida homeowner. However, many legal options may be available to a homeowner if they want to prevent a foreclosure and keep their home. Ignoring the problem is the worst thing to do, and the creditor should be contacted right away. Any homeowner facing foreclosure should keep these basic strategies in mind.

Deed in lieu of foreclosure and short sales

Despite your best efforts, you may be in an unmanageable financial situation that is making foreclosure proceedings appear likely to occur. Before you allow a foreclosure to happen, you might want to consider negotiating either a deed in lieu of foreclosure or a short sale in order to avoid the foreclosure proceeding and any resulting liability for a deficiency.

Understanding Florida zoning regulations help to avoid hindrances

Although Florida zoning laws vary from place to place, understanding the differences between zoning parameters can help individuals determine whether their projected goals are feasible. Since zoning statutes are designed to protect the livability and functionality of each particular community segment, it is imperative that these statutes be understood.