I'm looking for an experienced agent to help me out for a short sale on my apartment in zip code 33179

Asked by Cosi, Miami, FL Sun Jun 22, 2008

Need some legal adice if the lender can go after your other asssets after the short sale or forcloser?

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9
Robin Sing-C…, , Fort Lauderdale, FL
Sun Jun 22, 2008
We work with people in your situation all the time and we are located here in Fort Lauderdale. Unlike a lot of real estate agents who have just recently decided to become "experts", we have been working with short sales for 7 years. Even before short sales became "cool".

When I say we, I mean our entire team which includes our team attorney who by the lokks of things you may need very soon.

We can help you on both the legal side of things as well as on the bank negotiations and we will work to procure a buyer.

Check out this article we wrote about short sales:
http://www.robinashley.com/2008/06/04/fort-lauderdale-real-e…

Here's what you are really going to want to do first:..read this article:
http://www.robinashley.com/2008/06/22/an-open-letter-to-all-…

Once you have read it it will make things MUCH clearer for you and may help you understand your options better or at a minimum what to look for when you speak to an agent about your situation.

As for legal advice, no real estate agent who is not an attorney is qualified to give you that information, however in speaking with our attorney on this matter it can be said that a lender can seek payment by going after certain assets if the short sale is not completed in the right manner. If the property is foreclosed upon and the short sale is unsuccessful it is entirely possible the lender can go after other assets.

You may want to speak with an attorney but if you can't we can certainly put you in touch with ours at no cost.

good Luck in either event and check out the articles on my site. I think they will give you some pretty good insight.
Web Reference:  http://www.robinashley.com
1 vote
Get-smart, , Durham, NC
Sun Mar 1, 2009
if you didn't find the information you needed you can go to the link below.
0 votes
Claudia & Ju…, Agent, Pembroke Pines, FL
Tue Jun 24, 2008
Cosi,

The Willard Realty Team specializes in listing and selling condos, townhomes and houses in 33179. In fact we are the number one sales agents by volume if condos and townhomes as ranked by Trend Graphix for the last year in your area. We have successfully completed several short sales on units in your zip code in 2008. We suggest that all our possible short sale clients meet with our attorney at Empire Title Services in Aventrua for a no cost consultation prior to beginning the short sale process. The attorney will advise you as to the possible ramifications of completing the short sale and any tax or asset liability you may incur. We invite you to contact us to set up a consultation. Please go to our website listed in the web reference to check our credentials for sales in your area. You can also watch your mail box for monthly flyers that we send out to many of the residents in the California Club and Sky Lake Areas. The flyers provide information you may find useful in dealing with the market.

Just so you know the short sale process does come with its share of challenges. Therefore, it is important to hire and agent who actually has experience with the short sale process as well as a good working knowledge of your specific neighborhood. We closed a short sale in Carmel at the California Club this morning. The unit was a two bedroom, two bath and sold for $148,000. The entire process took 4 months to complete and close after the seller was served with foreclosure notices from the lender. That one took some skill to negotiate.

Hope to hear from you soon.
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Sun Jun 22, 2008
Here is a decent article that directly related to you question. The best would be to consult with a good lawyer that specializes in this field!
0 votes
Michael Cepa…, Agent, Tampa, FL
Sun Jun 22, 2008
Cosi, first me, Mott or anybody else on here, are usually Realtors, NOT lawyers or CPA's, please verify all info with the latter 2.
Mott, no disrespect, but it may be rare for them to go after them now, but I believe they have up to 5 years to file the deficiency judgment, which gives them plenty of time to handle the wave of short sales and then concentrate on the judgments, unless of course you get it in writitng. Also, not all situations will qualify to have no 1099 issued. Again, no disrespect. As far your statement "get all the answers you need from the negotiator and/or loss mitigation department of the lender" I agree, but I will add, you need to make sure you get EVERYTHING in writing.
Cosi, feel free to contact me so that we can try to get you on the right path, with the least damage. I have mitigators and lawyers, plus others on my team. with years of experience in these situations. If you choose to go another way, I STRONGLY recommend you to speak with a lawyer and CPA in regards to, but not limited to, the legal, financial, credit, implications associated with what you are trying to execute. Good luck
Mike Ceparano
ceppym@yahoo.com
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Sun Jun 22, 2008
I understand that going after other assets is a real possibility. Normally, the collateral for a real estate loan is the property itself. However...When and if a Judge orders a deficiency judgment, that could attach to other assets as well.

If you need to list your property as a short sale- I can possibly help. If I believe that the property is marketable, I will give it my all. In a private message, please let me know yor name and property address; mortgage balances(s) and any other pertinent information. I will sort it out for you.

Our office is in Sunny Isles Beach, FL (33180) I do handle properties in 33179 as well. I do have a few invetors that are seeking short sales.

As far as the legal adivice is concerned; best to seek competent legal help. I would not be overly concerned about a lender seizing your other assets, but better to be prepared and make intelligent arrangements.
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Sun Jun 22, 2008
It is rare, but it can happen. Usually lenders forgive the debt and move-on. Every situation is different. Every lender has a set of guidelines that they adhere to. No longer does a lender issue a 1099 for the balance of the mortgage. Make sure to get all the answers you need from the negotiator and/or loss mitigation department of the lender.

http://www.howtodothings.com/real-estate/a3395-how-to-short-…

http://www.ehow.com/how_8132_short-sale.html

http://www.waterwayrealty.com
0 votes
Keith Sorem, Agent, Glendale, CA
Sun Jun 22, 2008
Cosi
I attended a seminar and one of the speakers was the VP of IndyMac's Loss Mitigation division. Your question came up in a Q & A after the presentation and this is what he asked the questioner:
Does the owner own other property?
Questioner: You mean the primary residence?
IndyMac: Yes, but other than that? boats, planes,valuables, 401K?

So the short answer is that if there is indeed going to be a "short sale" then the lender expect the seller to participate in the short sale. That is why part of the short sale application is a financial statement of assets and liabilities.
0 votes
Amit Bhuta, Agent, Coral Gables, FL
Sun Jun 22, 2008
Good morning. I would be happy to get your place sold. you can check out my credentials at http://www.DadeCountyMLS.com and http://www.AmitsBlog.com. My contact number is (305) 439-3031.
Web Reference:  http://www.DadeCountyMLS.com
0 votes
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