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Sarasota Foreclosures Attorney

The term foreclosure refers to a situation in which the lender for a mortgaged property begins the process of taking possession of the property when the borrower falls behind on mortgage payments. Most foreclosure matters in Florida fall under a particular section of the Florida Statutes (Fla. Stat. §§ 702.1-702.12), but other matters related to foreclosure may arise under various laws within the state.

Both commercial and residential properties can go into foreclosure, and as such, owners of both commercial and residential properties can face foreclosure. Whether you own property as a business investment or own a home that you are concerned about losing due to foreclosure, an experienced Sarasota foreclosures attorney can assist you. There are many steps that a party can take to prevent foreclosure. At the same time, if you are a commercial or residential tenant and are at risk of eviction because the property owner is facing foreclosure, there may be remedies available to you. An advocate at HD Law Partners can discuss your options with you today.

Understanding Foreclosures in Sarasota, Florida

Florida law (Fla. Stat. § 43.031) specifies that Florida is a judicial foreclosure state. Some states are non-judicial foreclosure states, which means that a lender can begin foreclosure proceedings and can move through the foreclosure process outside the state courts. Florida is not one of these states. Instead, as a judicial foreclosure state, all foreclosures in Sarasota must go through the court.

In addition, Florida law changed about five years ago with regard to the foreclosure process in order to take into account the needs of property owners who are facing foreclosure. The Florida Fair Foreclosure Act (2013) was designed to make foreclosures fairer to property owners. For example, under the Act, lenders must provide certain property owners with routes for recovering property, and lenders must provide specific information about the mortgage and the original promissory note when making the foreclosure complaint.

Avoiding Foreclosure in Sarasota

What steps can property owners take to prevent foreclosure? The U.S. Department of Housing and Urban Development (HUD) lists the following:

  • Contact the lender to learn about options;
  • Modify your mortgage for lower monthly payments;
  • Refinance your mortgage to get lower monthly payments;
  • Short sale;
  • Deed-in-lieu of foreclosure (typically only possible when foreclosure is going to happen very soon); and
  • Bankruptcy.

Depending upon whether you are dealing with a commercial or a residential foreclosure, some of the options listed above may not be possible. At the same time, there may be other options available to you to stop the foreclosure process. A foreclosure lawyer in Sarasota can answer your questions.

Discuss Your Case with a Sarasota Foreclosures Attorney

Foreclosure can affect different parties in various ways, from commercial property owners to tenants in properties that are at risk of foreclosure. If you have questions about avoiding foreclosure or learning more about your rights during the foreclosure process, an aggressive Sarasota foreclosure lawyer can discuss your situation with you.Contact HD Law Partners today to learn more about the services we provide to businesses and individuals in the Sarasota area.

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