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Foreclosure in Miami : Real Estate Advice

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Activity 180
Mon Jul 19, 2010
Bob Galivan answered:
If you have been foreclosed, the bank will sell the property for whatever the market will pay. You are responsible for the unpaid mortgage balance plus whatever costs they incurred to do the foreclosure. The bank has (I think) 5 years to collect those moneys from you. I have not heard of a bank suing to collect, but this is still pretty new, and even given the start of this back in 2007, there's still time. If you are in foreclosure, you are far better to do a short sale, as the house generally sells for more than at foreclosure, plus a good negotiator can often get the bank to forgive the balance on the note. ... more
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Mon Jul 12, 2010
Wain Berry answered:
You have a right of right of redemption but you have to pay any money owned in arrears plus the balance on the mortgage.

Wain Berry
David Wain Realty
0 votes 7 answers Share Flag
Fri Jul 9, 2010
Marlene Bienes-Realtor answered:
Hola Lolo,

Te aconcejo que llames a un Realtor no necesariament que a lidiado con ese banco porque el proceso es equal con practicament con todos los bancos. No esperes al ultimo momento para resolver el problema.

Te puedo recommendar un Realtor en tu area solamente comunicate conmigo para mas informasion.

Te deseo suerte.
... more
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Sat Jul 24, 2010
Jose Enrique Humaran answered:
Yes, in some areas, on the zip code 33177 will take a bit longer to recuperate but eventually it will.
I you need more information contact me at 305-610-6597
0 votes 6 answers Share Flag
Mon Aug 15, 2011
Scott Godzyk answered:
As a buyer you can not just contact a bank or one of thier asset managers to purchase a property. Aurora does not sell their own properties, they utilize asset management companies whose job it is to sell , manage and maintain teh asset. If it is abandoned and in disrepair, chances are it has not been assigned to anyone yet, most abandoned houses the bank is not even aware of it being abandoned yet.

Once teh house is assigned to an asset company, they choose a local real estate broker from their approved list who will get bids to secure and clean it up, it will be appraised and then placed on the market. If teh hous eis not poste dwith a contact and you have the time and the patience, go to your assessors office, pull teh tax card and see who teh owner is listed there. You can then google the company and begin an email assult or calls to teh customer service company to make them aware this house is empty, they probabily will not have any info but it is always worth a try if you have the time to keep trying.

good luck with working things out
... more
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Sat May 15, 2010
Mike Young answered:
Most of the banks are getting so many offers that it will take a few days to a few weeks. The selling agent would be able to give you a better idea from their experience from this particular lender. ... more
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Thu May 13, 2010
Anna M Brocco answered:
If you foreclose on your deeded timeshare, you would be delinquent on the loan, if applicable, and it would go on your credit report--protect yourself and do consult with an attorney who specializes in real estate, beforehand--most professionals do offer a free consultation. ... more
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Wed May 12, 2010
Joyce Sass answered:
Alot depends on your motivation about the property. Are you forced into the foreclosure process by uncontrollable events or is it by choice because your property is just no longer worth what you owe? If you are interested in keeping your home, then you can try to do a modification with your lender to obtain a more comfortable financial status. If you do not qualify to modify your mortgage, then you may want to consider doing a short sale. Although there is no great answer. A short sale is much better than a foreclosure. You can obtain much information about foreclosure vs short sale on various websites that will explain the processes. All of this can be done at no charge to you with the correct knowledge. Good Luck! ... more
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Tue May 4, 2010
Dominick Martinez 5-Star Agent answered:
Shortsale buy back?? Please explain , because you cant buyback a property thats already yours. Also shortsales are arm's length transactions only.
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Mon May 3, 2010
Don Kelbick answered:
Firstly, yo have nothing to do with bank papers, you are not the owner. Do not accept them. Anything that deals with your vacating the property will either come from the owner, the Sheriff or the court.

You should contact the owner and find out what the story is.

Next, you should contact a real estate attorney to find out your rights and protect yourself. You don't need to retain him immediately, but find out where you stand in the process.

Not paying rent might eliminate some of your rights and protections. I know that if you have a lease and proof of payment, you are protected for at least 90 days after a judgment has been rendered.

Unquestionably, your first options should be the owner and the attorney. This is a very difficult area and you should speak with only those that are well versed in the foreclosure laws. Real Estate agents are not.

Good luck and try not to lose too much sleep. You will find plenty of help from reputable people who can find you a new place to live.

Website:www.dkrealtor.com
... more
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Thu Apr 29, 2010
Cardenas Group answered:
Hi Catalina,


There is a unit 71 Kingswood D for $32,900 accepting only cash 2 bedroom 1.5 baths. Please let me know if this is the unit you are talking about.

Carlos Cardenas
9547070927 ... more
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Thu Jul 22, 2010
Alma Kee answered:
Dear Quiri,

Sorry to hear you may be a victim of an unscrua pulous owner.

Are you sure the owners is not attempting to get a loan modification? Is the property listed as a "short sale" on www.Realtor.com? Are you showing the house to potential buyers? Have you been served with foreclosure documents notifying you of an "auction" date?

There are certain protections for tenants in foreclosure situations that may allow you to continue living in the house as long as you continue to pay "fair market" rents. If your rental agreement is for "below market" price rent then you may not be able to force the lender to allow to continue living there after the house is foreclosed.

Give us more details about the "foreclosure"... is the courthouse "auction" date April 25th or is this just a "Lis Pendens" preliminary filing?

You may need to seek legal advice before handing over any more rent money to this possibly unscrupulous seller. Lastly is the person you are paying rent to the actual owner on public records? I've heard of thieves renting out places they do not even own. If that is the case, call the FBI immediately! Hopefully they can catch the thief!
... more
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Mon Apr 26, 2010
NoLonger Inbusiness answered:
Hi, please call me at 305-479-0074. I'm a local agent here in Miami. I tried to see if the address is on this post, but I'm not finding it. I can get you in touch with the selling agent and help you structure an offer. I am also a seasoned mortgage broker. I can handle the financing. We fund our own loans.

Thank you.

Carlos Rodriguez
www.carlosrodriguez.cc
www.miamimortgagebroker.net
... more
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Fri Apr 2, 2010
Anna M Brocco answered:
Your agent can best advise you--when buying any property it is highly advisable to have an agent looking out in your best interest--acquiring a pre-approval letter for any property purchase will not harm your credit, and your loan officer can best advise you in that respect--if you haven't visited with any qualified loan officer(s) yet, do so, you need to know what your budget can handle as well as your credit score. ... more
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Fri Apr 2, 2010
Anna M Brocco answered:
Keep in mind that banks are looking to get as much money back as possible--you can make whatever offer you wish, though not guaranteed it will be accepted---be informed--look at recently sold similar properties in the immediate area--factor in expensive repairs if any and make a determination as to a fair offer, generally banks accept the best offer with the best terms. Keep in mind that if a property is priced on target or slightly below today's market multiple offers may come to play. ... more
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Wed Mar 17, 2010
Beatriz Mendez, 786-471-4125 answered:
That information is public records, therefore all you have to do is go to the county's clerk office website of the county where the home is located and search for a lis pendens filed under the owner's name in the "recorded documents" or "public search" filed. A lis pendens is a public notification of litigation on the property.

Hope this helps.. and good luck.
... more
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Wed Mar 17, 2010
Bob Galivan answered:
DANGER WILL ROBINSON! DANGER!

Go to the miami herald website at herald-dot-com
search for

Miami-Dade foreclosure auction site baffles bargain hunters

read the article!!!!!

"A little more than a month later, some of the newcomers who bought property online say they were misled by the site and ended up spending thousands of dollars on condo liens and properties laden with hefty mortgages. " ... more
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Wed Mar 3, 2010
Don Tepper answered:
Get a good lawyer.

Actually, you may have a very strong case. I was involved in a somewhat similar situation a number of years ago. A parking space I owned was foreclosed upon and sold at auction. (Happened to about 8 other owners in the same building.) The problem actually stemmed from the city not properly transferring ownership to the individual owners from the developer. A couple of people in the city government admitted they'd screwed up. But it didn't help; the auction sale was absolute and not reversable. I ended up repurchasing my own parking space from the investor who'd bought it at auction.

If there's a redemption period, the defendant might be able to redeem her property that way, as well. (I don't know how Miami works.)

So, consult with a lawyer. Find out whether your certificate of sale is binding, and whether there are any other steps the defendant might be able to take to reclaim her property.

Good luck.
... more
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Mon Mar 1, 2010
John Juarez answered:
Guppie,

Since you have a Realtor and an attorney, I do not know why you are asking this question in a public forum. Are you looking for a different answer than that given by your experts? If you get the answer that you like from someone on this forum, do you think that will make a difference to your mortgage company? Who gave you the advice to fix the a/c out of your pocket instead of from the insurance payment? ... more
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Thu May 6, 2010
Dominick Martinez 5-Star Agent answered:
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