Bank Foreclosure Law in Miami

Real estate transactions pose risks for both the borrower and lender. The borrower puts equity at stake and the lender puts money at stake. When the borrower defaults, both parties lose time and assets.  Banks build legal recourse right into the mortgage agreement. Mortgages are typically secured by the property the borrower is buying. So if the borrower does not pay as agreed, lenders rightfully move to seize that property.

Understanding the foreclosure process

While the homeowner misses the first, second, and third payment in a row, lenders issue notices demanding repayment.  But in the fourth month, they can issue a Notice of Default in accordance with Miami bank foreclosure law.  This and other legal filings launch a step-by-step foreclosure process.

There are different types of foreclosure processes in use around the nation including the following:

• Judicial Foreclosure: Where the lender files suit with the judicial system.  The borrower receives a demand for payment.  If payment is not made after a specified period of time, the mortgaged property is sold through an auction to the highest bidder by the local courts or office of the sheriff
• Statutory foreclosure: Where the mortgage company carries out the auction rather than the sheriff or local courts. This type of foreclosure is not allowed in all states and the mortgage must include a power of sale clause.  A statutory foreclosure is more expedient for the lender.

Contact us today to take action!

At a time when Florida residents are losing their homes to foreclosure in record numbers, the Law Offices of Daniel M. Keil, P.A. strives to find every available legal option to keep people in their homes.  As part of his comprehensive real estate legal services, Daniel M. Keil is a well-respected loan negotiator who works hard to negotiate favorable loan modifications that help homeowners stay current on their mortgage payments and avoid foreclosure.

Attorney Keil stays informed about rapidly changing Fort Lauderdale bank foreclosure law as well as government and creditor programs designed to relieve distressed homeowners.  At his Miami Lakes office, minutes from downtown Miami, Attorney Daniel M. Keil is ready to assist you with all your legal needs.  If you are looking for a law firm that is knowledgeable about Miami Lakes bank foreclosure law, please contact the Law Offices of Daniel M. Keil, P.A. today.