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Foreclosure in Cocoa : Real Estate Advice

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  • Home Buying24
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Activity 16
Tyeshaolga, Home Buyer in Valley Springs, CA
Tue Aug 18, 2015
Tyeshaolga answered:
Lis Pendens is Latin for "Suit Pending." Lis Pendens is a notice filed in the public record that a lawsuit has been filed against the property. Most likely the lawsuit filed is a foreclosure. So you can either approach the owner and payoff the outstanding loan to the bank or wait for the proeprty to emerge as an REO.
Web Reference: http://ForeclosureIQ.com
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1 vote 8 answers Share Flag
Robin Ricker, Real Estate Pro in Titusville, FL
Sun Mar 15, 2015
Robin Ricker answered:
Yes, just give us a call and we can walk you through the process!
0 votes 9 answers Share Flag
Jinger Knox, Real Estate Pro in Melbourne, FL
Wed Jan 21, 2015
Jinger Knox answered:
I am not an attorney and this is just my personal opinion based on what I have experienced. You will probably not be evicted in 4 weeks. If they do file for eviction ANSWER it. Don't merely let them get a default judgement against you (in which case you would in fact be evicted within 4 weeks). If you answer the complaint you may get an opportunity to go in front of the judge and explain the situation to him, along with an attorney for the bank who will more than likely be of more help with your situation then a Realtor who can not negotiate directly with you regarding cash for keys. I'm not sure that a 2 year lease will hold up against an eviction, and if you have been paying no rent to anyone I would expect that the eviction would be upheld. Another risk of waiting for eviction to be filed is that with an eviction on your record it very difficult to rent another property.

If I can help you find a new rental please let me know

Jinger Knox
85 and Sunny
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0 votes 5 answers Share Flag
Jim Simms, Real Estate Pro in Louisville, KY
Tue Jan 21, 2014
Jim Simms answered:
Depends on the type of loan that the current owner has on the home. Some mortgages are assumable while others are not. I cannot think of a good reason to go this route today with rates as low as they are and other disposition methods are available to the seller, but let’s answer your question.

Maybe. As long as: 1. The loan is assumable 2. You qualify for the mortgage being assumed 3. The train wreck isn’t more complicated than just the first mortgage

It is my experience that many people caught up in the foreclosure process have more than just one problem. Judgments and tax liens are just a couple of examples of things that could complicate the deal.

If you are trying to go the assumption route because you know you do not meet the mortgage guidelines’ minimum requirements then this is not the solution. The lender cannot approve the assumption and you do not want to throw your money away trying to avoid the rules. They can and probably will foreclose on you if they are not part of the process. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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0 votes 4 answers Share Flag
Linda Thomas…, Real Estate Pro in Cocoa Beach, FL
Mon Oct 15, 2012
Linda Thomas-Termini answered:
What property are you referring to? I have a short sale listed in the Cocoa area that's presently under contract ~ no foreclosure listing through the MLS. You may want to check with the listing agent of the property of interest regarding status & terms. . ... more
0 votes 3 answers Share Flag
Merritt Noel,  in Denver, CO
Thu Aug 25, 2011
Merritt Noel answered:
Curious. I am not sure what your question is. Can you clarify? If you are asking could there be problems if you let the home go to foreclosure and move out of the country to purchase a home. Yes a lender can come after you for any deficancy between loan amount and foreclosure auction sale + lawyer fees. I would suggest trying to short sale the home before letting it go into foreclosure.

I would also advise you speak with a real estate attorney who could better advise you. Good luck to you.
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0 votes 1 answer Share Flag
Connie Trinc…, Real Estate Pro in Palm Bay, FL
Sun May 22, 2011
Connie Trincali answered:
KC

You definitely have a financial hardship and a short sale maybe your answer. Please make sure you consult a local Realtor and real estate attorney to assist you in this process. A bankruptcy is also an option, however, if the Florida property is your only default, then you maybe able to save your credit with a short sale.

David Dicioccio, PA
RE/MAX Elite - Melbourne, FL
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0 votes 4 answers Share Flag
Phil Rotondo, Real Estate Pro in Melbourne, FL
Tue Nov 16, 2010
Phil Rotondo answered:
Are you referring to Tax Deed Auctions or bank foreclosures for auction?
Please let me know.
Phil Rotondo, ERA Showcase Properties and Investments
Melbourne, Fl
mailto:phil@321property.com
1-321-698-5893
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0 votes 1 answer Share Flag
ANDREW OLLICK, Real Estate Pro in NAPLES, FL
Sun Sep 12, 2010
ANDREW OLLICK answered:
The only way you'd be able to purchase a property in foreclosure before the auction is if you initiate a short sale.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
www.andrewollick.com/realestateblog
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0 votes 4 answers Share Flag
jo,  in Hollywood Hills, Los...
Sun Sep 12, 2010
jo answered:
It means 2 things...#1)it was a typo. Plain and simple.
#2)Call. If it was listed, it had a #...Correct? Call and ask...Since you said it was, "listed" im assuming you have seen it in the paper or on a listing service on the net.

Its as easy as that. In philosophy, they say the simplest answer is usually the correct one.

Hope this helps and good luck Mary.
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0 votes 10 answers Share Flag
Paul Whiteho…, Real Estate Pro in Melbourne, FL
Thu Aug 26, 2010
Paul Whitehouse answered:
Ducss
There are plenty of Bank owned and "Short Sale" homes in the price range you are considering which can be found using my website by clicking on "Search MLS Listings" and then follow the instructions to search for homes under $50k. Please email if you have futher questions or require more info.
Best Regards

Paul Whitehouse.
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0 votes 1 answer Share Flag
Keith Manson-…,  in Milwaukee, WI
Fri Feb 5, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
Some shortsale listing agents try to leave the door open, but not having a signed sales agreement. This process is not recomended because it confuses the negotiator at the bank because they are dealing with so many deals. More than likely the bank has not made a decision and is proceeding with foreclosure.

Either the listing agent has to get the attenition of the bank or you may try to buy after it goes to foreclosure sale, when the bank lists the property. You will most likley be competing with a lot of new buyers when the bank lists it, but it may work out.


Keith Manson
First Weber Group
Certified Distressed PRoperty Expert
Metro Milwaukee


http://milwaukeebailout.com
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0 votes 1 answer Share Flag
P, Other/Just Looking in Palm Bay, FL
Mon Sep 7, 2009
P answered:
EDDIE, sorry forgot one thing, Anyone can run a buisiness from a home depending on ordinances in the city you live inj. Vehicle displaying commercial advertisements in your drive way may get someone to complain. Most open a PO Box and just take phone calls and set appointment s from homes. Deoending on your city, you can use a room or part of a room as an office and take that part of your income taxes of use for non living area, or something like that. Check wit your accountantt that does your taxes. If you do not have one and do your own taxes, e-mail me at petedsellshomes@aol.com and I will put you in touch with a wonderful accountant. Yes he will even come to your home. ... more
0 votes 1 answer Share Flag
Scott Sadlon, Real Estate Pro in Melbourne, FL
Fri Aug 14, 2009
Scott Sadlon answered:
www.BrevardForeclosure.org or why not look at all homes www.BrevardAccess.com
0 votes 4 answers Share Flag
Ted Guarnero…,  in Juno Beach, FL
Sun Dec 7, 2008
Ted Guarnero P.A. answered:
Ashly

My friend owns this home at 5835 Brabrook
What price are looking to rent for
How is your credit
0 votes 6 answers Share Flag
Marian Derks,  in Austin, TX
Thu Nov 13, 2008
Marian Derks answered:
Foreclosure is one action.

Eviction is the next

Foreclosure only grants ownership not occupancy.

A new owner must file to evict with the court, after the foreclosure has granted them ownership.

Check on the rules for eviction with the precinct in your area and this will tell you how much time you have.

The eviction will also require a notice of a court hearing and in the state of Texas the judge will grant the occupancy to the new owner at the court hearing if all the process has been filed correctly.

If you, the current occupant does not leave withing the time that the judge states at the court hearing the new owner then can file a writ of possession and place the current occupants personal items out to the curb. In Texas start to finish and on the curb for an eviction is usually 30 day after filing the eviction.

If the mortgage bank is the new owner they will usually send a represenative to offer you cash for keys so you can acquire some money for moving out. This is a document you sign with the bank rep. You must follow thru with the agreement to get the cash.

Please be aware it is much better to do a short sale than put your self in this position.

Government short sales are allowing you some cash reward at closing for making the home available for and participating in the sale even if the sale price is less than what is owed the bank. This helps keep distressed properties off this market therefore, holding up values in the neighborhood.

Marian Derks
ReMax Capital City
1(512) 659-1642
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