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Tampa Foreclosures Attorney

Foreclosures can affect residential and commercial property in Tampa. For individuals and businesses renting property, a foreclosure can result in the tenant being eligible to file a claim for damages. In some cases, when the bank takes possession of the property, the bank may engage in unlawful practices that result in a “constructive eviction” designed to get the tenant to vacate the property, or a situation in which the property has become unusable for the current tenant. For some property owners, it may be possible to avoid foreclosure.

If you are being impacted by a foreclosure proceeding, you should speak with a Tampa foreclosures attorney at HD Law Partners today.

Learning More About Foreclosures in Tampa, Florida

Under Florida law (Fla. Stat. § 43.031), Florida is what is known as a judicial foreclosure state. This means that all foreclosures must go through the court system. In other words, the lender needs to file a complaint seeking foreclosure in order for the foreclosure process to move forward. As you might imagine, judicial foreclosures tend to take longer than non-judicial foreclosures in which the lender can begin the foreclosure process without going through the court system. Regardless of whether a person is in a judicial or non-judicial foreclosure state, the final step in any foreclosure proceeding is a foreclosure sale.

In 2013, Florida law changed with regard to foreclosure. House Bill 87, which is also known as the Florida Fair Foreclosure Act, became law. It amended Florida’s mortgage foreclosure laws in many different ways, including but not limited to the following:

  • Expanded the fast-track foreclosure process in Florida;
  • Revised the class of persons who are authorized to seek expedited foreclosure;
  • Made it possible for property owners to recover property in certain cases;
  • Limited amount of the deficiency judgment; and
  • Required lender to provide evidence of an original promissory note in the complaint seeking to foreclose.

Yet the Florida Fair Foreclosure Act does not prevent foreclosures in many cases. When property moves through the foreclosure process and results in a foreclosure sale, many different parties can be affected

Commercial Versus Residential Foreclosures in Tampa

Both residential and commercial properties can face foreclosure. There are numerous options for both residential and commercial property owners in order to avoid foreclosure, such as:

  • Working out a payment plan with the lender;
  • Modifying the loan or mortgage;
  • Deed-in-lieu of foreclosure to transfer property back to the lender;
  • Short sale; and
  • Filing for bankruptcy.

Filing for bankruptcy—specifically Chapter 11 for a business or Chapter 13 for an individual or sole proprietor—can stop a foreclosure process from moving forward and can result in a mortgage lender agreeing to a loan modification, allowing the property owner to get caught up on the loan. Additional options may be available to avoid foreclosure. It is important to keep in mind that tenants may be able to seek damages, especially in a commercial foreclosure case, if a foreclosure sale results in the loss of business income for that tenant.

Contact a Tampa Foreclosures Attorney About Your Case

If you have questions about the foreclosure process in Florida, or if you need assistance with any aspect of a commercial or residential foreclosure, a dedicated Tampa foreclosure attorney at our firm can discuss your options with you.Contact HD Law Partners for more information.

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