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Foreclosure in Orlando : Real Estate Advice

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Activity 152
Thu Jun 24, 2010
Wendy Smith answered:
Thu Jun 24, 2010
Anna M Brocco answered:
Consider working with an agent--he/she can/will notify you when the property hits the market; your agent can also answer questions, schedule showings, etc.
0 votes 1 answer Share Flag
Tue Jul 27, 2010
Wendy Smith answered:
Please remember the bank's attorney has the best interest of the BANK in mind - that's his/her job. Don't you think it is interesting (or suspicious) that the attorney waited until AFTER the short sale approval to approach you with the deed-in-lieu? Perhaps you should ask for the deed-in-lieu "offer" to be in writing; then see an attorney that has YOUR best inetrest in mind. One hour consltlation is worth it to avoid a lifetime of hassle. My bet is that [your] attorney will suggest the shortsale. ... more
0 votes 23 answers Share Flag
Wed Jul 22, 2015
Alma Kee answered:
If your house was foreclosed at the courthouse and Fannie Mae is now the owner then you are 100% liable for the mortgage, late fees, attorney fees, etc. You should have been served with a notice of the auction and the judgement amount.

Fannie Mae will now go after any assets you have and may also attach your wages, too. If Fannie Mae "forgives" you for any of their loss then you could end up with "ordinary" income.

Fannie Mae may just sell off your debt to a collection agency. Are you planning to file bankruptcy?

I'm surprised you had a Realtor helping you with a short sale and Fannie Mae foreclosed. Was there an investor flip scam going on that now resulted in your getting a foreclosure on your record and also being liable for 100% of Fannie Mae's loss?

You will now be a "renter" for at least 5 years, sorry! It would have only been 2 or 3 years if you were successful at doing a short sale.
... more
0 votes 6 answers Share Flag
Thu Jun 3, 2010
Jerry Kussy answered:
I am not sure of all of the Florida laws, but normally if there is a tax lein against the association, that means the condo owners will have to pay for it or the condo owners will have to pay an attorney to clear up. Either way, in the lenders eyes, and Fannie Mae and Freddie Mac, those leins would have to be cleared up first. The logic behind it....Depending on how large the tax lein is, if the unit owners end up having to pay it, some owners might walk away from their unit if they cant afford it and have no equity in the unit. That then makes lending in that building ricky because of there are numerous foreclosures in the building, that would lower values. ... more
0 votes 7 answers Share Flag
Wed Jul 28, 2010
Georgina Villa O'Bryan answered:
If you can't afford it, then a short sale may be the best option. You might want to consider HAFA Short Sales. If you contact me, I can assist and provide you with that information. You will need a Realtor for a Short Sale transaction. It's not something you can do alone. ... more
0 votes 9 answers Share Flag
Fri Feb 26, 2016
Jim Johnson answered:
War! But probably not. You should probably ask your attorney and/or financial adviser. I doubt that very many (if any) of us are qualified to answer your question.
0 votes 11 answers Share Flag
Wed May 12, 2010
Anna M Brocco answered:
You may wish to contact the listing agent directly, as he/she may not see your message--and or ask your question again with an attached link or give an address--Keep in mind that any local agent can help you as well--contact any realty office and inquire or contact any local Trulia contributor(s) directly and ask. Or if you are looking at/referring to a RealtyTrac listing(s), keep in mind that some of the information is inaccurate and often misleading--some of the properties may have a lis pendens--notice of default--and if so, some may not be for sale yet, and some may never be if the owner satisfies the default--for the most accurate and up to date information, consult with any local agent(s). ... more
0 votes 3 answers Share Flag
Sun May 2, 2010
John Bennett answered:
Devon, talk to your attorney and dont pay much attention to comments on this site.
0 votes 8 answers Share Flag
Sun Apr 18, 2010
Kent Gagon answered:
Glory
Do a google search for "Lake Jean" homes for sale or "Lake Jean" foreclosures, you are likely to find hundreds of Realtors that can directly assist you in finding a home to fit your needs.
Good luck
... more
0 votes 2 answers Share Flag
Mon May 2, 2011
Brahim Hanchi answered:
Please feel free to contact me and I'll provide you with any type of investment properties, including foreclosures, preforeclosures, short sale and more. My number is 407-403-6778. Not only do you get a list with full details and pictures, but also my service to you is absolutely FREE. ... more
0 votes 8 answers Share Flag
Sun Apr 18, 2010
Brahim Hanchi answered:
Hey Idaho,
Anything is possible. You can rent the place separatly from the purchase and try to use that as a leverage when negotiating the short sale.
0 votes 13 answers Share Flag
Wed Mar 3, 2010
Mark LeMenager answered:
Of the 280 closings in Metrowest (32835) in the past 90 days, half (50%) have been for MORE than list price. 20% at list price and 30% below list. Pretty typical numbers in the lower priced condo market.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.

(PS if you really meant 38335, sorry no idea.)
... more
0 votes 1 answer Share Flag
Sun Feb 21, 2010
Nadine Mauro answered:
Hi Yo,

It is a possibility. There is more pressure being put on the banks to help people stay in their houses. Some of the banks will work with you, others won't. If you'd like to keep your home, get a dialog going with your bank. Good luck whatever you decide.

Nadine Mauro
Realty Hub, Inc.
561-414-0864
NadineMauroRE@yahoo.com
http://www.floridahouseseller.com/
... more
0 votes 7 answers Share Flag
Sat Feb 13, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
You will not be able to tell the bank anything. Depending if you paid them if full or less than full will determine how they report. If the bank made a mistake, of course you can dispute the reporting. The other thing is you can contact the credit reporting agencies directly to explain the situation on your credit report.


Good Luck


Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://milwaukeebailout.com
... more
0 votes 1 answer Share Flag
Sun Feb 14, 2010
Hannah Fliegel answered:
Hi Alpesh,

You cannot tell the bank how to report the deficiency judgment to the credit bureaus. Furthermore, the bank may not even report it to all the credit bureaus. Under the Fair Credit Reporting Act which is the Federal Law that protects consumer credit, you have no leverage and no hope of influencing the bank at all.

Once the lender reports the deficiency judgment on your credit reports, the only thing that you can do is dispute that or explain why it's there.

More bothersome to me is that the intention of the bank to get that deficiency judgment against you is to go and try to garnish wages, liquidate your bank account, go after your other assets. Are you aware that the deficiency judgment sitting on your credit report is the least of your worries?

Good luck!
... more
0 votes 2 answers Share Flag
Sat Feb 20, 2010
Mark LeMenager answered:
Wed Feb 10, 2010
Scott Godzyk answered:
The key is whoever is negotiating on your behalf, needs to negotiate in your benefit, that the deficiency will be discharged or forgiven. If you do not ask for this, chances are they will keep the defieciency as an unsecured debt against you. Then either they will try and collect or sell it to a collector who will try and collect it or seek an attachment against any other proprty you own. So check with your negotiator. Note you can also negotiate how they will report it to teh credit reporting companies. good luck working things out. ... more
0 votes 9 answers Share Flag
Mon Feb 8, 2010
Joe Adkins answered:
Jennifer,
A few things are required.
- Of course the basics such as making sure you are approved for financing unless you are purchasing cash.
- It depends if it is a pre-foreclosure, short sale or bank-owned. There is a different process on all 3 of these.

If you are talking about a short sale (which is where the owner owes more on the mortgage than the home is worth) then the process is typically anywhere from 3 months to 8 months. It depends on the lender (whoever is the mortgage company of the current owner who is behind on mortgage payments) and if the lender is Bank of America for example then the process will take up to 8 months.

You will want to use a real estate agent who works for you and not the seller and who understands the short sale process. You want a real estate agent who has dealt with more than 5 short sales at a minimum so you are working with someone who is experienced and can walk you through the process. The listing agent or a short sale negotiator is responsible for contacting the lender and pushing the short sale through the process. But there is alot of paperwork to go back and from you the buyer and the lender.

You can typically get the best deals on short sales even above bank-owned properties.

To learn alot more about the short sale process go to www.Kathi.com.

- Joe Adkins
www.HouseHunterInfo.com
... more
0 votes 5 answers Share Flag
Tue Jan 12, 2010
Antonio Vega-Pacheco answered:
Fun:

Assuming you are calling regarding a foreclosure or a short-sale, that will be nearly impossible since asset managers are extremely guarded from having buyer's contact them directly. It is often very difficult for even experienced agents to be able to contact them. Asset managers have one designated agent by company that they communicate with...often by e-mail only.

My best suggestion is to find yourself a Realtor who can work with you in writing an offer and getting it to the bank via the pre-established systems.

If you are wanting to contact Deutsche regarding working a loan modification, again find yourself a Realtor with experience in that aspect. Remember, never pay anyone an upfront fee to help with a loan modification.

Tony Vega
avegapacheco@aol.com

www.SearchKissimmeeHomes.com
... more
0 votes 7 answers Share Flag
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