Home Buying in 33196>Question Details

evelynme, Home Buyer in Miami, FL

I have two properties. One is underwater and the other is fully paid off. I do not have a Fanny Mae/Freddie Mac. Can they take the paid property away?

Asked by evelynme, Miami, FL Wed Jan 22, 2014

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Answers

7
You should consult an attorney to fully understand your options.
0 votes Thank Flag Link Thu Jan 23, 2014
Hi,

Glad to hear you have consulted an attorney. Take his advice and do what he suggests.

If you need a recommendation for a Realtor to assist you with a Short Sale, your attorney may also be able to recommend a local Realtor.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
http://www.SoldOnTampa.com
813.244.9898
0 votes Thank Flag Link Thu Jan 23, 2014
Good Morning Evelyn,

I have been working on short sale for the past 7 years and had a great deal of success in assisting homeowners such as yourself during these stressful times, and have been in this industry for well over 20 years.. Each situation has different circumstances and adjustments need to be made. The guidance I can offer you is that of a realtor with a large knowledge base, but I am of course not allowed to provide you with legal advise, nor advise on how this may also impact you from a financial sense. Selling your home as a short sale does have possible financial and legal consequences depending on when you purchased the home, your other assets, did you do a refinance or pull out equity on the home at any time.

As to the bank taking one property to satisfy the debt on another that possibility is extremely limited. What can occur on the home you would have to short sale is that you may get the deficiency waiver, but have to sign a small promissory note at time of closing. Or you can get a full waiver with no consequence. The only way to know how your lender will act is by actually placing your home on the market at the current market price, find a qualified buyer and submit the paper work to the lender. Keep in mind that while you may make your payments to Bank of America (or other lender) there is actually an investor that owns the mortgage and each investor has different criteria and results.

By all means please feel free to give me a call and I can go over all of the possible scenarios with you so you have a better understanding of the process. Please also note once again that my guidance is just that, it is not meant in any way to be legal advise, for this you will want to maintain communication with your attorney.

Lila V. Lopez CRS, CDPE, e-Pro
RE/MAX Advance Realty
homesbylila@yahoo.com
305-772-2521
0 votes Thank Flag Link Thu Jan 23, 2014
Good morning:

Suggest you seek legal advise. I can recommend an attorney which specializes in Foreclosure defense. A short sale may be an option for the property which is under water.

Regards,

Luis Nnez
786-660-3838
0 votes Thank Flag Link Thu Jan 23, 2014
The investor on the under water home may not grant you a short sale due to fact that you have assets that cover the difference. Your next move is to consult with a short sale specialist and see what your options are. You can call/text me at 305-401-1587.
0 votes Thank Flag Link Thu Jan 23, 2014
Based on your answers to Yanoska, I think your attorney is giving you good advice. Put the underwater property on the market (ideally using a short sale negotiator, who in this case might be your existing attorney), then move into the paid property after the current lease expires. As long as you get an offer on the underwater property, the courts can extend any foreclosure procedures for a few months (again, this is why you want to use one of the negotiators who can help get this done).

You want to ensure you get a reasonably priced offer on the property... too low and the bank will want to go ahead and foreclose, too high and no one will make an offer.

In almost all cases, you will be better off in the long term by doing the short sale rather than foreclosure or bankruptcy. The bank will hopefully completely forgive the difference between the existing mortgage and the sale price.

Ann Ryan
Keyes Real Estate
0 votes Thank Flag Link Wed Jan 22, 2014
Take it away? Do you plan to keep the one underwater or is the foreclosure inevitable? Is the one paid in full your homestead property? These are all questions that will help determine whether the property you currently owned that is paid in full will be affected. Best advice I can provide is to schedule an appointment with legal counsel in reference to the property under water and the consequences of allowing the completion of the foreclosure.
0 votes Thank Flag Link Wed Jan 22, 2014
Evelyn, I attempted to answer your concerns at the other question but now see the more complete picture. Our office offers a full-service brokerage and law office that specializes in real estate and mortgage law. We have done extensive work with all of these scenarios. We are also a local, family-owned business since 1986 and located at Sunset and S.W. 93rd Avenue. Our number is 305-279-6000. Call us for the most complete set of resources to answer these types of needs.
Flag Fri Jan 24, 2014
We certainly need to have a more in depth conversation, please email me or call me at your earliest convenience.
Flag Thu Jan 23, 2014
I am struggling to keep the one underwater but not attached to it. If I find a short sale buyer I am willing to give it up. The one paid in full is not our homestead. Attorney said they cannot take away paid in full if we move in. Currently we rent it out. We almost have to sell both properties to start again somewhere less expensive mortgage. Seems like the odds are against us in all three events happening at once.
Flag Wed Jan 22, 2014
I am struggling to keep the one underwater but not attached to it. If I find a short sale buyer I am willing to give it up. The one paid in full is not our homestead. Attorney said they cannot take away paid in full if we move in. Currently we rent it out. We almost have to sell both properties to start again somewhere less expensive mortgage. Seems like the odds are against us in all three events happening at once.
Flag Wed Jan 22, 2014
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