Florida Bankruptcy Property Attorney
Throughout the boom years of the housing market, thousands of people found opportunities to invest in commercial and residential rental property throughout Central Florida. As the market declined, investors continue to face high association fees, as well as maintenance and management costs that have made their investment mortgage payments impossible to keep up with.
If you are a property investor facing possible foreclosure, talk to an attorney at the Law Office of Paul L. Urich. We focus exclusively on bankruptcy law in central Florida courts. No matter where you own the property, bankruptcy must be filed in the district where the property owner resides. Even if you own investment property outside of Florida, your local bankruptcy trustee will take control of the proceedings. Bankruptcy proceedings and specific rules about investment property can be complex, particularly if more than one investor shares interest in the property. It makes sense to talk to an experienced attorney.
Why Not Just Let the Property Go Into Foreclosure
Foreclosure may seem like a viable option, until you look at the possible consequences. When a mortgaged property goes into bank foreclosure, the title remains in the property owner's name until the final foreclosure hearing establishes, then the bank will assume financial interest. That means you will remain responsible for any fines for code violations, association dues and management fees that accrue during the foreclosure process. If you surrender the property through bankruptcy, you may not retain those liabilities.
Get the Straight Answers You Need
Start by sitting down with one of our Orlando investment property foreclosure lawyers to discuss your options. We represent investors residing in communities throughout Central Florida. Contact us for a free initial consultation today.