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Foreclosure in Casselberry : Real Estate Advice

  • All74
  • Local Info5
  • Home Buying12
  • Home Selling3
  • Market Conditions3

Activity 7
Tue Dec 23, 2014
Annette Lawrence answered:
Yes you do.

However, and this may seem a contradiction to your feeling of vulnerability, you need to have a proper lease in place.

You should seek counsel from a professional in your area for the details. That may mean you have to pick up the phone and make a call.

Be aware, 'In Foreclosure' can mean many things to a reader. The reality is 'In Foreclosure' can be a superficial situation (thank you Realty TRAC) or it can mean emanate lose of ownership. It is incredibly important to know EXACTLY what the status of that property is. It may be YEARS, if ever, anything significant to a tenant occurs.
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Sat May 3, 2014
Anna M Brocco answered:
You really should be consulting with an attorney who specializes in real estate and not simply rely on online information; most professionals do offer a free consultation...
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Tue Apr 23, 2013
Stephen McRory answered:
Worrying about a temporary higher tax deductible rate, that allows you to buy at these lower prices, re-establish credit and take advantage of interest write off savings in the interim time before you then refi at an even lower LTV after 18 to 24 months while rates are still low is called...

...worrying about pennies while dollars pass you by!

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Tue Jan 17, 2012
Bsinger answered:
Answer is still yes its all equiity based. I have been doing this 14 years. And I do plenty of these I have already closed 3 this month.
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Wed Dec 28, 2011
Alma Kee answered:
Hi Karly,

Did Bank of America already foreclose their lien?

If not, you may be better off doing a Pre-foreclosure Short Sale. As far as New Mexico State Laws, I don't think they would apply in Florida.

Find an attorney asap if they've already foreclosed because in Florida we are a deficiency judgement state and they can come after you for many many years for 100% of their loss.

All the best,
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Fri Jul 15, 2011
Hank Lopez answered:
Justine, preforeclosures are short sales. They are listed on the MLS. you can contact me and I'll set you up on a search or any other Realtor working the area. I'm inclined to think you are referring to websites that will list a home that the bank has foreclosed on but has not yet placed on the market. There are several websites that advertise this. The issue is threefold. 1-The property cannot be sold by the REO listing agent until it is listed and there is no telling how long it will be until it is listed. I know many think these are going to be better deals than what your local Realtor will find you. When you find that person; let me know. I'm still looking for him or her. 2-The website contact person is not the listing agent and knows nothing about the property and 3- the list price is a fabrication. Bank has not set the price yet.

Want to find that deal. Find a good Realtor, someone that knows the market, understands value vs. the one that just wants to make a sale. good luck.
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Fri Dec 11, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
The summary judgement establishes the figure owed and the bank can proceed with the foreclosure law suit. This the amount the bank will accept before the foreclosure sale.There should of be a foreclosure sale date set at the same time. You are getting very close to the end of the foreclosure process.

Befow is the process discribed by realty trac:
Pre-foreclosure Period

A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens) against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date.

The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender.

Notice of Sale / Auction

The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual court. The clerk of court issues a notice of sale containing the location, date, and time of the sale. The notice is published once a week for two weeks, with the second notice appearing at least five days before the sale.

The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m. on the sale date. The winning bidder must provide a 5-percent deposit and pay the remaining balance by the end of the day or a new sale is scheduled a minimum of 20 days later. After a successful sale, the clerk gives a certificate of sale to the winning bidder

Within 10 days of the sale, the clerk transfers ownership to the winning bidder if no one disputes the sale. In most instances, a borrower has no right of redemption after the certificate of sale is issued.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
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