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Foreclosure in North Miami Beach : Real Estate Advice

  • All112
  • Local Info6
  • Home Buying25
  • Home Selling2
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Activity 5
Wed Apr 10, 2013
Suzanne MacDowell answered:
First of all, up to the date that ownership actually changes, whether that is through a sale or a foreclosure, the current owner/landlord has a right to collect the rent and keep it. Second of all, the owner also has a right to sell the property. And third, even if the owner IS in foreclosure, he could be trying to either modify the mortgage, which he is absolutely entitled to do, or short sell the property, which he is also entitled to do.

An awful lot of renters are under the mis-conception that if a landlord is in some stage of foreclosure that the tenant doesn't have to pay rent, or that the rent has to be paid to the bank. That is absolutely NOT the case, the owner is the owner and entitled to collect all rents until such time as ownership of the property actually changes.

If you are worried that your mother in law might have to move, contact an attorney or your State Department of Community Affairs and find out what your rights are, but in the meantime, continue to pay your rent as promised. Otherwise you stand to be evicted and that is not good for anybody.
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Thu Apr 5, 2012
Joana Filgueiras, PA answered:
Hi Sid. If you want me to send you some options, please email me at or call me at (305)790-0628.
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Thu Sep 30, 2010
David Chiles answered:
Thank you for your question about "flipping" a foreclosure. "Flipping" is being done by professionals in some markets. I do not advise 'flipping' given today's current market conditions and consumer expectations. A good local agent can give you a list of Foreclosure's, but the problem is being able to resell it for a profit. ... more
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Thu Nov 1, 2012
Beth Jenkins answered:
Hi Nanette,
I can do a search of the building on the multiple listing service, I live right down the street from the property..

If you want to send me an e-mail to my direct e-mail here on Trulia I can send the listings to your email.
If the building is financable to the federal guildlines you can get conventional finncing, if it is not you would have to see what the status is and go from there. Many units are bought cash now because of the tough guidlines. I would refer you to a local mortgage person because they are familiar with this market.

I will pull up the listings and hope to get your email to send them to.

Best Regards,,
Beth Jenkins
South Florida Brokers
786-374-4778 (direct)
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Thu Feb 19, 2009
Kristopher Morgan answered:
The main point of a loan modification is not to lose money but simply guarantee a slightly smaller profit.

Let's say a home is financed for $300,000 and the fair market value has dropped to $200,000. If the lender does not agree to work with the borrower and they walk away from the home they instantly lose $100k based on the market. Now let's not forget the monthly interest payments not being made, cost of selling the home, cost of fixing up the home (most foreclosures are trashed from previously angry homeowners ....understandably so.) After everything is said and done the bank can probably estimate a loss of $150-200k.

Now if the bank agrees with a modification:

Let's say the current loan is at 6.5%. Since it is very unlikely that the bank will still hold the note throughout the entire life of the loan let's use 5 years as an example. $300k at 6.5% over 5 years equals $52k profit. If the bank drops the interest rate to 4.5% they will still make a profit of $36k in interest.

Still making any sort of profit is much better than losing around $150,000-$200,000. It's win win. Borrower's get a lower payment and most importantly get to stay in their homes. The bank takes a small step towards stability by maintaining profitability.
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