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Foreclosure in Carl Fisher : Real Estate Advice

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Activity 15
Sun Jun 10, 2012
Santiago Vitagliano answered:
You will get foreclosed upon as the transfer of title will not change the fact that the property remains encumbered by a first lien position. In many cases the transfer of ownership will be irrelevant as the new entity took control over the asset with the preexisting lien ... more
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Tue Nov 23, 2010
Lila Henry answered:

Based on what you have just described, what you have received from the bank is the initial contact from the bank that they will start the official foreclosure proceedings. What I would suggest you do is get this information to a real estate attorney, as soon as possible, to protect your rights. As you have not stated what the name of the document is, I don't know what the true time frame would be. That is why is it very important you see a real estate attorney immediately. You will want a real estate attorney that know about the foreclosure proceedings, you can not go to just a general practitioner, you will need a specialist for this.

I wish you the best of luck.

Lila Lopez
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Mon Sep 6, 2010
Alma Kee answered:
Dear XOXO,

Call the attorney's office that did the foreclosure if you're not sure who owns your property. You should have been served notice when the foreclosure auction was held. That attorney should be able to instruct you where to send your rental payments. The lender may also offer you "cash for keys" and give you a few thousand dollars to move.

DO NOT just send it to the association unless there is a court order requiring you to pay the association. Some unscrupulous attorneys for associations may send threatening letters to attempt to get you to pay them the money. If you do, you may also have to pay the bank who now owns the property or face eviction.

You should contact an attorney because we can't give you the best legal advice.
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Fri Dec 11, 2009
Nadine Mauro answered:

I would definitely recommend seeking the acvice of a real estate attorney. If the developer is filing bankruptcy you could be setting yourself up for a lot of problems down the road. Somebody (the owners paying their maintenance fees) will have to make up for the unowned units that are not paying their fees.

Good luck whatever you decide.

Nadine Mauro
Realty Hub, Inc
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Fri Jul 24, 2009
Wenceslao Fernandez Jr answered:
Click the link to my blog to see my new answer...
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Thu Jul 16, 2009

I would have to look at your current rate, loan amount and long term goals to answert this question. There is a cost to refinance and a savings but sometimes the break even ppoint is to long. The 1.5% MIP is refundable and will be applied toward the new fee.

example: if you pay $3000 in closing cost to save $100 a month it would take you 30 months to recoup. If your in the property longer than the 30 months....YOU WIN :)

Give me a call and I will break down a scenario for you.


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Thu Jun 25, 2009
MaryLynn Olson answered:
Yes, It is protected under the Homestead Act. Try googling The Homestead Act to see the actual verbage,
1 vote 1 answer Share Flag
Wed Jun 3, 2009
Wenceslao Fernandez Jr answered:
Hello, Mr./Ms. Davis. Have you spoken to your lender yet? What have they said?

You know, depending on where you are in the foreclosure process (haven't missed a payment vs. facing a sale date), there are a number of options you may still have.

It is imperative you don't just do nothing and that instead, you speak with your lender everytime they call. You must realize that, at first, some lenders may still employ escalating tactics to try to collect a debt. Other lenders are much more proactive and make every effort to help their borrowers.

Whatever you do, you must consult at least four people through this process (of course, you must do due dilligence and ask/interview several - even when referred, so you can find one that can meet your needs):

1) Your Lender - This is your first line of defense. See how amicable they are, how proactive and helpfull they seem and what can they offer you as a solution. Know however, that they want to help...but have their (and their investor's) interest at heart first. Their solutions may not offer you much relief but you must get through this before moving forward.

2) Realtor - Realize that not all real estate agents are Realtors (members of a local board and the National Association of Realtors, who adhere to a strict Code of Ethics). In addition, not all Realtors have received proper training on how to handle distressed property transactions. Seek one with the CDPE designation or Certified Distressed Property Expert ( They are over 7500 strong nationwide and you are sure to find one that can help you with your real estate needs while understanding your options and how to handle the sale.

3) Attorney - Just like in all professions, find a specialist in real estate and bankruptcy matters. Preferably one who is also able to file suit in federal court if need be (most bankruptcy attorneys should fall in this category). The reason is simple. You may have heard of doing a "loan modification". Well, I don't typically feel a "voluntary" modification (one in which your lender would voluntarily negotiate the terms of the loan with you), is of much use and have found that typically, what the lenders offer in this scenario is of not much help to the borrower. A competent attorney who thoroughly understands mortgage laws (predetory practices, RESPA, Usury and interstate laws, etc), can perform a forensic review of all your loan documents and see if you can turn the tables around in your favor. WARNING: find an attorney that can offer you free or fee-based advise and work. There are many who want to charge you a monthly stippend and will not give you a time frame potentially costing you thousands more over time (a scam if you ask me). In addition, you may have other legal rights including bankruptcy and you need to know all your angles so that you understand and choose among the best options to you, including how to handle any deficiency judgement if any (a court order in favor of the lender giving the lender a judgement against you for the unpaid balance - which they may choose to collect or sell to collection agencies which could hound you for years while it still shows up on your credit report, making it almost impossible for your score to every get better). Finally, even if you attempt a voluntary modification with your lender and it gets denied, a competent bankruptcy attorney may be able to help you get the loan modified in bankruptcy court if you choose this route.

4) Tax Professional/CPA - This individual will (or should) have a handle on how the "shortage" or deficiency with the IRS. Once the shortage amount is known and with your financial information at hand, they can punch in the numbers with the formula the IRS has created (unless you can be saved by HR3648), to not have to pay (or minimize) your tax obligation if any.

If you are on the verge of a foreclosure sale, you MAY still be able to postpone (stay) the sale but you must ACT. The judge will only empathize when they see you're trully taking matters into your hands and trying to remedy the situation. Otherwise, they'll agree to a speedy process and cut you no slack.

One of your options is in fact doing what you asked about here: to give the property back. This is called giving your lender the deed-in-lieu of foreclosure (or giving them back the deed in exchange for not pursuing the foreclosure). This alternative is better than a full blown foreclosure but arguably more damaging than pursuing a Short Sale (selling the property for less than what you owe).

Each process is different and requires a unique approach. Speaking with these experts in their respective fields (instead of uncle Lou or cousin Mary), about your specific situation details will highly improve the chances of success for you.

There may still be several options available to you, but you must take control and ACT now. All the best and let us know how it goes.
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Wed May 13, 2009
Wenceslao Fernandez Jr answered:
Hey, Sunny. Among other things you stated above "...don't want to do a deed in lieu of foreclosure because they don't pay for my taxes i owe and my past due hoa's".

When you are in this situation, my advise is to NOT shoot down a possible outcome without first consulting with the right people and without first TRYING IT.

Who are the right people for you to consult in this situation?

1) Realtor who is a Certified Distressed Property Expert
2) Real Estate attorney
3) CPA/Tax expert

They each can answer questions related to the particular expertise they hold within the context of a real estate transaction. By law, I can't give you answers on the other two and unless the other two are also experts in one or more of the other fields, you must individually seek the advise and opinion of one of each.

You must do this NOW and BEFORE a Lis Pendens (foreclosure action) is filed against you. Once this happens, time is of the essence. You may loose your property (homestead or not) and your options are inherently less the deeper in trouble the building (and you in it) you find yourself in.

That other Short Sales in your building are not selling may or may not have anything to do with the "Short Sale" process but with the handling of this process by the individuals involved. There may also be other factors resulting from the condition of your building that negatively contribute to a seller's ability to sell.

Depending on a number of factors, buyers may only buy in your building Cash. This greatly diminishes the pool of buyers and then, pricing will be greatly impacted as a result of all the factors affecting the sellability of your unit in your building.

For this, a local market Realtor expert is your best choice. To find out your legal alternatives, you need an attorney. And since your lender may issue a 1099 once the sale takes place which may affect your tax liability to the IRS (which may be zero depending on your situation), you must seek the advise of a competent tax professional.

Whatever you do, take action TODAY. Contact me for additional information and all the best.
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Wed May 13, 2009
Wenceslao Fernandez Jr answered:
Mr. Davis, typically buildings may go in resevership and the office of the Ombudsman in Tallahassee may provide additional information.

By all means, seek the advise of a competent real estate attorney (I can provide you with one if you write).

Meanwhile, kindly let us know where things stand since your original post.

Whatever you do...don't just sit there - Do something and keep in mind that time is of the essense.

All the best.
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Wed May 13, 2009
Wenceslao Fernandez Jr answered:
Matt is correct, Sunny. Besides the lender pursuing foreclosure, your HOA can also do the same although typically, the lender will have priority.

Many have lost their home with or without homestead and so, you must quickly determine if a Lis Pendens (latin for Pending Litigation) has been filed as a result of a foreclosure action against you or not.

I can tell you from experience that you can delay a foreclosure just for the asking but you MUST demonstrate to the court that you are working with a reputable agent to sell the property.

Therefore, if a Lis Pendens has been filed, you should soon receive a date by which you must respond to the action (usually within 20 or so days). Attend the hearing and show the judge that your attempts to modify failed and that you are now taking the necessary next steps to get the property sold as you seek a Short Sale.

Typically (and this will depend on how prepared you are and how you present your case, etc), they should allow an extension. I've seen people get more than one extension since judges today (as long as they see the homeowner really taking matters into their hands), will side with the homeowner rather than allow the lender to foreclose.

Seek the advise of a competent attorney, Realtor and even a tax advisor (there may be tax consequenses to a Short Sale you must be aware of). As a CDPE, I can provide you a lot of information but in the end, I'm not an attorney or CPA/tax expert and so, these will be individuals you will want to consult separately.

Neither foreclosure nor short sale may be your only options left. You may still pursue bankruptcy protection or deed the property back to the lender in lieu of foreclosure.

Again, you've taken the right first step by coming to this forum. Now you need to take it all the way and avoid foreclosure at all cost. This outcome will affect you in more ways than one, longer than most other alternatives so, seek further advise PRONTO.

All the best.
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Wed May 13, 2009
Wenceslao Fernandez Jr answered:
Sunny, I see your situation all the time. Unfortunately, many are going through what you are going through and it is sad it has come to this.

Consult with your lender but typically, they don't perceive owners selling by themselves as the best way to handle a Short Sale. More often than not, because of potential audits and to avoid potential fraud situations, they require homeowners to seek the expert advise of a competent Realtor.

Realtor are members of the National Association of Realtors and adhere to a strict Code of Ethics. We are also affiliated with reputable companies who are members of local boards (I happen to be a member of the largerst - RAMB or Realtor Association of Greater Miami and the Beaches), in addition to being also members of the Multiple Listing Service (MLS).

For these and other reasons, lenders know that the chances of a seller getting the property sold on their own are greatly increased once they sign up a listing with a Realtor. The network of contacts and our ability to promote our listings locally, nationally and internationally is typically much greater and lenders also understand that if something goes awry, they can go after us easier.

With all that said, seek an agent who is also a Certified Distressed Property Expert (CDPE - who has been additionally trained in this field and can provide the best guidance on the matter.

In today's market, several things affect why properties don't sell. Among them is pricing (which is a function of market and property condition), building (age, ratio of owner to non-owner occupied units, condition, financials, etc), marketing and others.

Seek a local Realtor expert who is a CDPE and who can show you step by step what they will do to get your unit sold. In a Short Sale, the seller's lender typically picks up the commision tab so this should NOT be stopping you from listing with a local market expert.

Above all, TIME IS OF THE ESSENCE. If you are facing foreclosure, you need to be working closely with an expert NOW.

All the best.
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Wed May 13, 2009
Wenceslao Fernandez Jr answered:
"...what do the individual owners have to do?" my answer, Sunny is to find a competent attorney. There is an office affiliated with a title company I often use who are located right here on SOBE (in the South Point area) which specializes in real estate matters among other things. Contact me and I will gladly provide you with their name/contact information.

If you fear this is potentially imminent, seek competent legal advise ASAP. You may also contact the Ombudsman in Tallahassee for more information on wheather there is a resevership situation with your building. If they can't tell you, they should be able to point you in the right direction (of course, an attorney can also look this up for you).

All the best.
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Sun Apr 19, 2009
Dp2 answered:
Besides short selling your condo, you could also arrange to sell your property with seller financing (since you did put 45% down on it). If you opt for the latter, you'll need to factor the 2 late mortgage and HOA payments (along with any and all of the associated penalties and fees) into your price, and you'll need to further reduce your price to consciously underprice your competition.

If I were you, then I'd contact several of those "We Buy Houses" companies immediately to negotiate a sale (that might even leave you with some cash after closing--provided you don''t have to do a short sale).
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Sat Apr 18, 2009
The Hagley Group answered:
They canot touch your car or your bank accounts. Consider consulting a short sale specialist in your area and see if this may be an option. It will be better fpor your credit than a foreclosure, and may buy you additional time in your home. ... more
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