When it comes to foreclosures, the details will vary from one case to another. For example, a homeowner may find themselves in the middle of a foreclosure defense, fighting to save the place which their family calls home. Or, perhaps a business will have one of their properties in foreclosure, which can result in various difficulties for the company. In Miami-Dade, Florida, foreclosures have been a serious problem for people from all sorts of backgrounds in recent years.
In Florida, a construction company recently filed a lien against a company which was developing a condo project. Because of the construction lien, the company behind the condominiums found the property in foreclosure. The company was planning on selling 247 condominiums in a 15-story building, with starting prices at more than $200,000.
In February, the construction company was victorious and the developer was told to pay over $20 million in damages, $15.8 million of which stemmed from the construction lien. The developer, which is facing other lawsuits, did not dispute the judgment. Now, a foreclosure auction has been scheduled for the condo project.
Handling a foreclosure can be immensely overwhelming for some people, especially for those who are uncertain of how their life will unfold afterward. However, by examining all of the options that are available and consulting with a legal professional who deals with these cases, some people have been able to look forward to a brighter future. After all, the outcome of a foreclosure can affect someone for many years to come.
Source: South Florida Business Journal, “Stalled condo project ordered to foreclosure auction,” Brian Bandell, Mar. 2, 2017