im living in a home and a letter of foreclosure came, how do i know if the owner is paying loan modifications?

Asked by Ana Villa, Miami, FL Thu Mar 14, 2013

renter

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Nereida Figu…, Agent, Miami, FL
Fri Mar 15, 2013
If Letter of Foreclosure came maybe is a summon notifying you that owner's lender placed a complaint againts the mortgage. Usually, if you are notified by bank you need to answer by motion otherwise you are in default like tenant. Contact the subscriber in the letter. If the case is you have a summon them you have a case number which you can use to answer thru a motion. Like Tenant you have rights including if you have a lease. This is a case sensitive you need to act as soon as possible
0 votes
Bill Eckler, Agent, Venice, FL
Fri Mar 15, 2013
You are an in place renter inquiring about whether or not the owner has been granted a loan modification? Be direct and ask the owner.....

However, as others have stated, a loan modification is a completely separate initiative from a foreclosure. In your case, since you have received this notification and are part of a rental agreement with the owner, it would be advisable to make your concerns known.

This is generally no a good sign, and could be an indication of additional problems for the owner which will eventually find their way to you as the renter.

Your best source of good information is likely your landlord.

Best wishes,

Bill
0 votes
Irina Karan, Agent, Aventura, FL
Fri Mar 15, 2013
Hello Ana,

Often, loan modifications and short sales department works separately from the bank's legal department. Depending on the bank (different banks have different rules), loan modifications application (as well as the short sale one) can even stop/delay foreclosure, if done the right way.
However, in some cases, banks are very aggressive, and they may foreclosure even though the owner applied for the loan modification, especially as this is not a principal residence (I assume you are a tenant in this house).

If your landlord has an attorney, then you can ask the landlord's permission to talk to his/her attorney and find out what is going on. You can also hire your own attorney to protect your rights.

Normally, foreclosure lender honors the lease that is in place.
So, if the loan modification info is not true - you do have some protection there...

Best of luck to you!

Hope this helps,

Irina Karan
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes
Steven Epste…, Agent, Coral Gables, FL
Thu Mar 14, 2013
Hi Ana, "letter of foreclosure" doesn't just show up, a Foreclosure Suit is Served by the Sheriff or a licensed Process Server ... a big stack of documents and the law suit with a "Lis Pendens". If that's what you got then the foreclosure suit has been filed and the public notice of Lis Pendens is in public records. Paying of a "loan mod" is a very strict private & confidential matter between the mortgagor and their lender, there is no public record for this, you have to obtain written authorization from the mortgagor (your landlord) to even try to ascertain the loan status from their lender ... maybe not realistic. So many questions are needed to be answered by you to come to a reasonable conclusion for you, or you can consult your Real Estate attorney on the matter.
1st ? "What exactly is your concern now"? #2. "What other concrete knowledge do you have in writing from your landlord or others involved in your transaction/relationship?" #3. "Do you have a valid lease with this person?" #4. What precisely do you want to achieve and/or what are your immediate housing goals and needs, considering your personal and financial situation now?"
If you need anything further please feel free to call me during normal business hours at the contact info in our website link below. And please also send your email address and phone number, I'll be excited to help you with all your real estate needs and honored for the business opportunities.
0 votes
Yanoska Diaz, Agent, Miami, FL
Thu Mar 14, 2013
Speak to the home-owner. A letter regarding the foreclosure process doesn't necessarily mean that the home is going to be foreclosed any time soon, there is a number of motions that are filed by different parties related to the foreclosure action. If you are not satisfied or convinced by the explanation of the home-owner or documents he/she can provide, you should bring the letter and your concerns to a Legal Counsel.
0 votes
Robert Prieto, Agent, Miami, FL
Thu Mar 14, 2013
IT'S HARD TO TELL. SOMETIMES AT THE BEGINING , A MODIFICATION DOESN'T NECESSARILY STOP THE PAPAERS FROM COMING. IF YOU WOULD LIKE , GIVE ME THE DETAILS AND NAME OF THE HOME OWNER AND I CAN CHECK ON THAT FOR YOU. ADDRESS IT YO BOB PRIETO 786-326-3263 OR EMAIL AT REALTORPRIETO@AOL.COM.
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