Fort Lauderdale, Florida

The news about Fort Lauderdale’s real estate market is deceiving. Statistics show a steadily increasing real estate industry of hungry buyers and good deals. But the reason behind this is the growing number of foreclosures. Two things are fueling the so-called selling boom: first, distressed homeowners who are losing their homes; and second, lenders who are prepared to sell a backlog of distressed properties.

According to RealtyTrac, there are almost sixteen thousand properties in Fort Lauderdale, Florida that is in some stage of foreclosure. In fact as of October 2013, the number of properties in the foreclosure filing process is forty-five percent higher than it was last year. That means that in Fort Lauderdale, about one in every two hundred homes is in distress.

Understanding Foreclosures

A foreclosure is a legal process where a lender will ask the court’s permission to sell your home when the loan payments go into default. In simple terms, if the homeowner is no longer able to make payments, the lender forecloses the property and sells it to recoup the amount lent to the borrower.

Foreclosures in Miami, Fort Lauderdale, Broward, Palm Beach, and other areas around Florida happen everyday—and they happen fast. Many lose their homes due to a loan default that happens when there is failure to respond within twenty days after the lawsuit is filed. This becomes the lender’s way to a foreclosure sale.

Foreclosure Defense in Fort Lauderdale

If you have been served a Notice of Foreclosure in Fort Lauderdale, you have to act fast. Your first line of defense is to obtain expert legal council to guide you through alternative options. It does not mean you are about to lose your home, it means that it is time go get a lawyer who can help you evaluate foreclosure defenses.

If keeping your home in Fort Lauderdale is the priority, then loan modification is an option. This usually applies to individuals who can make a payment on the loan but do not have enough money to bring the account current. Loan modification allows you to change the terms of the loan to include lapsed payments, and over-all, make the loan more affordable.

Meanwhile, if you no longer want to keep your home, two options can help you arrive at a solution:

• A short sale helps avoid foreclosure and protects your credit rating in Fort Lauderdale. You can ask your lawyer to negotiate a short sale agreement if you owe an amount greater than the value of your home. The sale proceeds of the home go to the lender and the remaining deficiency is negotiated to be written-off.
• A Deed-in-Lieu of foreclosure is when you return the deed and house back to the lender as settlement for the whole amount of the debt. By doing so, you can save yourself time and trouble, and you save the lender thousands in foreclosure proceedings.

How We Can Help You

For many years, ESQ.title has helped clients from the Fort Lauderdale, Broward, Miami, and Palm Beach areas arrive at their best options when it comes to foreclosure. Our roster of experienced lawyers has assisted many homeowners in Fort Lauderdale get through their situation of foreclosure through aggressive defense and expert negotiation.