Many Florida property owners are currently facing significant financial challenges. This is not uncommon, as most Floridians go through ups and downs in their personal economic statuses, just like people in other states who own property. While it is true that some situations are worse than others, it is also true that prompt and pertinent action can often help get things back on track before a property is lost to foreclosure.
There are numerous types of bankruptcy, for instance, that prompt an automatic stay in the foreclosure process. In fact, such options also typically prohibit any type of collections litigation. If considering filing for bankruptcy as a debt relief option, however, it is critical to seek clarification of eligibility requirements ahead of time because it is quite possible to qualify for one type of debt relief but not another.
If a property owner’s financial problems go unresolved for too long, he or she (or they) may be at risk for losing said property if lenders initiate a forced takeover of ownership. A development company in another state is currently facing such circumstances. The company purchased a building complex and, by the end of August, had turned it into a luxury living complex geared to college students in surrounding areas. Problems arose not long after opening when owners were unable to meet their mortgage payments.
Owners tried to sell the property but were unable to do so. In response to a foreclosure petition recently filed by the lenders, a state supreme court justice ruled that the process may begin for a sale of the 10-building property at auction. Florida property owners who wish to avoid similar outcomes may want to seek immediate guidance from experienced debt relief attorneys to explore any and all solution options that might be available.