The prospect of losing a property is frightening. However, many Florida property owners don’t know that it may be possible to reclaim their treasured commercial property, even after a court-issued foreclosure order.
What is the “right of redemption,” and how can you get your house back after foreclosure? Our Florida foreclosure defense attorneys can explain the right of redemption and how it may help you keep your property.
Redemption Options Available in Florida During the Pre-Foreclosure Phase
If you’re in the midst of a foreclosure, you may be entitled to the right of redemption. You can keep your commercial property and prevent foreclosure by paying off the total mortgage debt and other associated costs. A payoff statement from your mortgage servicer has the exact amount you must pay to prevent the commercial property foreclosure sale.
Often, the payoff statement includes details on the current payments due, associated late fees, other fees, and property inspections. To redeem your property, you must pay the mortgage balance and all the associated costs. However, there are specific time constraints, and the paperwork can be confusing. An experienced foreclosure attorney can help you tackle the process. If repaying the mortgage in full is not an option, your attorney can outline other potential options, such as a loan modification.
Can You Get Your Commercial Property Back After Foreclosure Sale?
You may also have the option to redeem your commercial property after a foreclosure sale, although the process can be more complicated. The right of redemption gives you a set period following a foreclosure to buy back your property. Buying back your property typically involves reimbursing the person or party that bought the property for the foreclosure sale price. However, you must do this before the certificate gets filed. Typically, the redemption period is a short 10 days under Florida law. You may also be responsible for missed mortgage payments and accumulated interest.
Can I Sell My Commercial Property During the Redemption Period?
Some commercial property owners consider selling their property when facing foreclosure proceedings. In some situations, you can sell your property through a short sale. A short sale may allow you to work with your lender to negotiate a lower payoff amount in exchange for releasing the lien on your property. You may also be able to sell your property at auction, but only if it qualifies under Florida’s nonjudicial foreclosure process.
Since the redemption period is only ten days, selling a commercial property during that time can be extremely complicated, so it is always best to consult with an experienced Florida foreclosure attorney to review your options.
Contact Our Florida Foreclosure Lawyer for a Free Consultation
Anticipating foreclosure on your commerce can be overwhelming and scary, and the Florida foreclosure process is intimidating if you aren’t familiar with it. Let an experienced Florida foreclosure lawyer with Loan Lawyers review your situation and answer your questions. We can explain the right of redemption and help you understand how to get your house back after a foreclosure sale.
Contact our office today and arrange a confidential and free legal consultation to discuss your options for keeping your commercial property.
