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Foreclosure in 33141 : Real Estate Advice

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  • Home Buying85
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Activity 65
Wed Dec 10, 2014
Stephanie Leon answered:
If you are facing foreclosure a deed in lieu option to avoid foreclosure. Some lenders offer a deed in lieu with a lease hold back (deed for Lease). Meaning you surrender your home but now begin to rent it from the lender. This will allow you to stay in your home and avoid foreclosure.

These deals are typically a one time only options. You might want to contact an attorney to read over the agreement being offered to you so you can clearly understand what you are signing.

Good Luck.
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Tue Mar 18, 2014
Annette Lawrence answered:
This question was posted in 2009.
Those were uncertain times.
Now it is 2014.
Roger may still be living in his building.
1 vote 3 answers Share Flag
Mon Mar 17, 2014
Mott Marvin Kornicki answered:
Our office has 30 short-sale and pre-foreclosures in house today!

We are getting multiple offers on each and everyone of these properties. Our inventory ranges in price from 150K to 15M on commercial-hotel-industrial.

For the most part- these deals or off-the-cuff and we do not cooperate with fellow Realtor/Associates® - as we already have a lender/brokerage relationship in place.

These deals are on our website along with others;

? WATERWAY REALTY, REALTORS® ? Mott Marvin Kornicki ~ #MIAMI ? FLORIDA ~ REALTORS®
~? http://t.co/C8vvX4uf via @SoBeLive || @WaterWayRealty ? SLIM Enterprises || www.SLIM-ENT.com Media Relations ?~
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Mon Mar 17, 2014
Mott Marvin Kornicki answered:
Lenders are not very motivated or anxious to expedite a loan modification that contradicts the original terms and conditions of a loan. Makes sense, right?

When borrowers initially made the loan request - the borrower(s) are usually very happy and content with the loan amount, terms and valuation | purchase price of the encumbered and underlying collateral.

How long does it take? I've heard it done from start to finish is 10 days and in some cases it's still going on after 2 years.
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Fri Aug 9, 2013
Alex Bolanos answered:
What ended up happening with this? Share you experience if you can as it will help others that are in similar situations!
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Sun Feb 12, 2012
Jack Bakal answered:
Mason was a wonderful broker interested in my needs and very honest. With my busy business,he worked to make everything easy. I would recommennd him to any one. When it came to the closeing he handled every detail while I was out of town. All I had to do was get the keys and enjoy my new home. ... more
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Fri Nov 4, 2011
Iris I. Romero answered:
If the advice that your attorney gave you was to not pay the mortgage and "abandon" your home by renting the property, then I will suggest that you get a second opinion from another attorney. Unfortunately, each situation, and hardship is very different, but I will tell you that "rent" is income that you are earning and this may need to be declared at the end of the year... you also should obtain advise from your CPA.

I am aware that most of the hardship programs, like HAFA, state very clear that you must be living in the property... in order to qualify for such program...from this information..you make you own conclusions. Wish you the best of luck.
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Thu Apr 7, 2011
Christine B answered:
Hi Luna,

I am a cash Buyer and am currently looking in Miami Beach. What I find interesting is that many buildings have strict rules on short-term leases and yet there is a dearth of apartments not moving. if the HOA would review these kinds of limitations then you might attract more buyers with cash ready to purchase. I know that people have reservations about vacation rentals but I have a property in Miami Beach and have had excellent experiences with all of the people renting our home. I would love to find another property to do this same thing but have found that it is nearly impossible with the current negative climate regarding these kinds of lease opportunities. ... more
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Mon Jan 25, 2010
Javier Olmedo answered:
Max,

Wow - that is what cam to mind and I'm sorry for that. That is not typical nor should it be allowed. I can tell you that being on the other side is no fun either. I have submitted offer on a place to find out that the Realtor has 30 -40 offers. At that point I tell my customers not to bother and report the Realtor to our association - once you have an offer you are suppose to put the listing as pending. I have come accross those Realtors (and I use the term losely) and frankly don't deal with them. I cam accross one such and 11 months after I submitted the offer for my customers - she is still accpeting offers on it and has not closed - so I called her and said "gee I guess our highest and best offer was not good enough 11 months ago yet the house is now listed lower and you still haven't closed"

Sometimes you just have to walk away and re-evaluate the reason why you are going through all that trouble - is it the place itself or the challenge of getting it? I repeat, that is not customary nor ethical on the part of that Realtor - you can always inquire on reporting them!

I wish you the best of luck on this case and would love to know how you ended up, all the best Max.
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Fri Nov 27, 2009
Sandra Cotes answered:
The Best that I recomend you is to contact an attorney , who handles Loans Modifications , They have the expertise to negotiate with the Bank for you , Try with a Professional, Because there some Companys offer Profesionals Service For Loan Modificacions and they just Do fraudulents Services, , Best Luck For You : Sandra Cotes ... more
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Fri Nov 13, 2009
Patrick Casey answered:
Hi Sarah,

Perhaps my website http://www.PeaceofMindinParadise.com can provide some information and answers.

Patrick Casey
MW & Associates
305-968-7557
0 votes 5 answers Share Flag
Thu Oct 29, 2009
Sonia Barrera answered:
Sure you can!! you must first notify your Lender about your idea of lisiting the property and notify them about the agent taking care of the transaction. Most of the Lenders they dont have any objection with that. ... more
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Wed Oct 28, 2009
Emmanuel Joseph answered:
Hi this is understandably a very tough situation and there are a lot of banks not granting loan mods. If all else fails ,we buy pre forclosure property and maybe able to help you avoid a foreclosure if we buy it as a short sale from you. You can visit www.foreclosurehelpinmiami.com or call us at 954-889-4403 and we can evaluate your home... ... more
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Tue Jul 7, 2009
Michael Emery answered:
Assuming this is a foreclosure (bank has seized the unsold units because the builder has not paid their construction loan). The lender will assign a Realtor to sell the unsold units. What I've seen happen in several multi unit foreclosures in Minneapolis is that there are liens against the property because the builder took the banks money and failed to pay contractors and sub contractors. This slows down the process considerably because technically there is a cloud on title as long as the liens are on the unsold units.

If it's a bankruptcy situation (builder filed chapter 7 or 11) I believe the bankruptcy judge will appoint a receiver who will attempt to sell the unsold units either in a block or individually, in order to satisfy the creditors involved in the bankruptcy.

In both instances look for discounts from the original sales prices to move the unsold units.
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Mon Jun 29, 2009
Fred Griffin answered:
Hi, Sarah

The following is said with compassion and respect, and understanding of your frustration:

1. Find out who the Mortgage Holder is today.
As said below, the Mortgage has probably been sold to some other company.
Toss the other mail, and ignore the bogus phone calls.

2. Retain a Real Estate Attorney. Have her / him make the Initial Contact with the mortgage holder.

3. As suggested by a previous poster, do a serious assessment of your financial situation.
Three payments behind, and out of work...
You may want to think about getting out of your home now, via a Short Sale.

4. For what little consolation it may be worth, there are Millions of people in your shoes.
Don't take it personally - times are tough all over.

Best wishes to you,
Fred
------------------
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Tue Jun 23, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
To address how the banks handle funds. Typically if you do not send in the full payment they can not apply the funds to your loan. They only why they can keep the funds is to park the funds in what they call an unapplied bucket. Funds stay in the unapplied bucket until a full payment is received. Here is the bad news, once the mortgage goes down 4 payments the bank gets ready to send the case to foreclosure. If you can not do a modification and you want be able to until you have a job or income. If you do get a job I would apply for a modification under www.makinghomesaffordable.gov.



Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin
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Fri Jun 5, 2009
Lisa Jones answered:
In a recent transaction that I am handling, the lender approved the short sale, but they made it conditioned upon a payment to the MI company. The seller had to either had to agree to repay an amount of money in an interest free note or pay a lesser amount in a one time cash payment. My seller could not afford either as they are unemployed, so we managed to contact the MI company and got them to agree to having the amount added to the sale price. As long as the buyer agrees, we have an approved sale. One thing I have learned with regard to short sales is to be persistent and try to reach the decision makers to negotiate successfully. If you have the funds to agree to an interest free note to steer clear of a foreclosure, it is worth considering. The monthly payment that the MI company was looking for was less than the average cable bill. Best of luck to you. ... more
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Sun May 31, 2009
Goat answered:
Expect property and every other kind of tax to go thru the roof.

Make certain that you reduce your offer price substantially so as to account for excessive taxation.

You are a cash cow for the government. Nothing more. Look how cruel governments are to the homeless. This is because the homeless are no longer cash cows to be milked. ... more
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Sat May 30, 2009
Jerel Washington answered:
Everything Don says is TRUE!!!! Good work Don.

Banks will only work with you when you are behind it seems. Therefore, advertise on all the free sites i.e. Craigslist, BackPages, Yahoo, and get your tenant situation ASAP... At the same time call your bank and ask for a the Loan Modification Division.

This may come as a surprise to you but the Customer Service, REO/Foreclosure, Loan Modification and the Legal Departments don't talk to each other!!! So you have to make sure YOU keep them all in line and communicate with each of them.

Call Loan Mod Group, get the Mediation Packet, Answer their questions, then within 30 Days you should be on your way. Typically you will get your loan mod papers within 5-7 Days, Fill them out, Make a copy for your records, then return them immediately. Send a Letter to each of the other departments listed above with your loan number, and the date you sent the Loan Mod Docs to the Loan Mod Department, then they should begin talking but don't hold your breath...

I hope this points you in the right direction...

Jerel Washington
Keller Williams Realty - Princeton
100 Canal Pointe Blvd, Ste #120
Princeton, NJ 08540
609-987-8889 x234
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Sun May 24, 2009
. answered:
You should check out the terms of your loan modification but I can't imagine if you get a renter that the lender will even notice. All the lender wants to be assured of is that they will get paid per your new /mod agreement.



Mike
Broker Associate
South Florida
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