Unfortunately..not, Emil. Tax Assesment will conduct their own CMA (Comparative Market Analisis) to
establish market value of the property, regardless the sold price. In average, you can see 15 to 25% reduction in your property taxes.
Please do not hesitate to contact me with real estate concerns...I am in New Jersey, the state with the
highest property taxes in the country!
Century 21 Sylvia Geist
East Brunswick, New Jersey
ABSOLUTELY! Most people do not realize that they can stop foreclosure even if they stopped paying their mortgage. Many recent cases have been filed improperly and an experienced attorney can assist with the identification and filing of substantive and procedural defenses with the court and vigorously defend your case. Due to the lender's actions, omissions or other facts surrounding your case, you may be able to stop making mortgage payments and stay in your home while your attorney vigorously defends your property. This does not necessarily mean that you will not have to pay the loan back or completely Stop Foreclosure. It is possible to completely Stop Foreclosure if the bank or lender is in violation of the Florida Unfair Lending Act or other predatory lending practices. If the lender has committed such a violation, the entire principal and interest balance may be waived and the mortgage may be voided. This may not be relevant in your case. But, at the very least, a successful defense can do is buy you precious time to:
* Stay in your home
* Negotiate a work-out with the bank
* Sell your home for a fair price
* Refinance your home at a fair rate
* Continue to collect rent on the property
* Apply for a Court Ordered repayment plan
* File a Chapter 13 or 7 Bankruptcy
When home owners are faced with the reality of facing a potential foreclosure, many experience a state of paralysis. They don't know what to do. Selling the home may not be an option since the equity appears to have vanished. To fight foreclosure or not? That is the question. Clouding the answer is perhaps the biggest misconception, "Hiring an attorney is not a cost-effective option." If I can't afford to pay my mortgage, then how in the world can I afford to hire a competent attorney? And why should I, if I am upside down in my home? First of all, EVERYONE can and should hire an attorney to represent them in their foreclosure case. There are many competent attorneys who specialize in this area. Due to the growing number of these cases, many attorneys have become "experts" in this area. Due to the fact that most of these cases are very similar, many excellent attorneys have experienced staff and can offer extremely affordable payment arrangements. Most people don't know that once the foreclosure proceeding has started, the bank will not accept any future mortgage payments - doing so may adversely affect their ability to foreclose on your property. Furthermore, the bank pays any delinquent real estate taxes and the insurance on the property. In summation, once the bank files a foreclosure lawsuit, most of the homeowner's expenses are being paid by the bank (mortgage, taxes and insurance). However, as the legal owner of the house with full possession, you have all the rights associated with same including residing in your home, collecting rents on the property, etc. Imagine the "EQUITY" you can save / build, if you fight the foreclosure case for a year or more. The cost of qualified legal representation is a drop in the bucket compared to your typical home ownership overhead. Time is money and the real estate and financial markets are likely to turn around. The hiring of the right attorney will save you thousands of actual dollars, in addition to thousands in time value of money. Its really a no-brainer.
Frederick A Neustein... more
Check with all the sources available to you including free legal advice we know of plenty of people where the banks tried to tell them to leave, most left some stayed and those that stayed the bank had a hard time getting them out.
We should tell you that this is in N.J but do your homework on your state. If a full foreclosure takes place be prepared to leave within 60 to 90 days again depending on your state.
Seek out a lawyer if you can they will give you the best up to the minute advice. Make sure it's one who is well skilled in foreclosures.
We have found alot of resources available to those in foreclosure use all your options..
In the mean time start looking for a place where you can go to when you do have to leave.
All the Very Best to you and yours
Dave & Lisa... more
Are You Behind in Your Mortgage Payments and Condo Association Fees? Give Us 10 Minutes and We Will Show You How to Sell Your Home Quickly & For Less Than What You Owe The Bank and It Does Not Cost
I think you're asking about a summary judgment, and not a judgment summary. A motion for a summary judgment is a situation where the lender's attorney is basically saying "Your honor, there are no facts in dispute. We laid everything out in the complaint and it's cut and dried. There's nothing that the defendent can say to defend himself, at least as far as disputing the facts, therefore, you have everything you need and we don't need to waste everybody's time with a full hearing. You can decide right now to grant our request for foreclosure".
If you're going to be defending yourself at a summary judgment hearing, you would have to be prepared to convince the judge that it wasn't quite that simple - that there are actual facts that may not be the way the lender says there are. You can't go there and ask the judge for sympathy or plead with the judge to give you more time - that's not what a summary judgment hearing is about. The only issue is whether or not the judge already has everything he needs and that there would be no point in any further delays.
This is not legal advice and I am NOT an attorney. I'm telling you on the basis of common knowledge and the experience of someone I know who is familiar with basic legal matters.
I hope this helps and wish you luck!
Villa G Realty, Inc.
Tel: 954-816-7996... more
The document is called "deed in lieu of foreclosure". Contact the law firm that is handling the foreclosure and make such a proposal. Depending on the outstanding mortgage balance, and the current market value- it would be cost effective for the lender to take the deed.... more