Foreclosures Help Information

Archive for July, 2007

Help With Foreclosure In Nc

Question: Home foreclosure and military?

I currently live in a home owned by a close friend she bought the house about 2 years ago. She got married after she purchased the home. Her husband is in the military and she moved down to NC to be closer to him, however he was placed into active duty and deployed to Afghanistan, and has been there fo over a year.

Ive just found out the home is in foreclosure and is due to go to sherrifs auction Nov 3 2009, isnt there some type of law that says if a spouse is serving active duty the house cant be foreclosed on until after he returns home?

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Answer: Truthfully I have no idea why people dont pay their bills while they are deployed, they actually get more money while deployed so money isnt an issue. My husband has deployed and we never had a problem. Anyway this statement is from the Soldier and Sailors Relief Act website "The Act requires the service member (or his/her dependent) to have "owned" the mortgaged property prior to his/her entry upon active duty, continuing up to the time relief is sought from the court"
you can read the rest of it here

http://usmilitary.about.com/library/milinfo/sscra/blchap4-3.htm

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Foreclosed Real Estate

Question: Do you think investors who are buying all these foreclosed homes are creating another real estate bubble?

This can only be bad. This is how we got in this mess in the first place. Remember the flipping? Remember the sub prime loans? Remember the crash when the property values plunged? Remember when home valeus were rising much much faster than income levels? Tsk, tsk, tsk.
typo- values

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Answer: I agree with you. Maybe not a another bubble, but definitely another irrational price inflation. I have seen multiple homes that (obviously, investors are buying because they are cash offers for much more than the property will ever appraise for) go on the market at 12pm and by 5pm have 10-20 offers and within those 10-20 anywhere from 2-6 cash offers considerably above asking prices. This market is much like when the PT Cruisers came out. They were selling those cars for almost 30000 and now you can get one for about 10000. The economy (especially in CA where I live) cannot take the investors driving up the prices again.

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Foreclosed Land In Florida

Homeowners keep on contracting for repairs or improvements to their homes and properties. Larger and more complex contracts or undertakings may involve several subcontractors and suppliers brought in by the general contractor. A problem occurs when the homeowner pays the prime contractor for all or some of the work, but the prime contractor fails to pay the laborers, subcontractors and material suppliers, who were hired to do portions of the job. The only recourse left for them is to file a Mechanics Lien on that home or property.

A lien is a statutory mechanism that allows the unpaid lienor to have the property foreclosed and sold, if necessary, in order to receive payment. Florida Mechanics Lien allows the foreclosing lienor to recover attorneys’ fees and costs as well as the entire value of the lien.  Each supplier, subcontractor, or laborer who is not directly contracting with the homeowner is required by statute to give the homeowner a notice that they have worked on the property. This document is called a Notice to Owner (NTO) and must be delivered within 45 days following the first delivery of materials or first work performed on a property by that supplier or subcontractor. Failure to provide an NTO within the specified time period results in absolute loss of any right to later claim a lien against the property.

A professional Florida NTO Service plays a key role in protecting the lien rights by providing:

• Online NTO form through which they gather relevant user information, research the public records to ensure the information is accurate, print and mail the NTOs to the intended recipients, thus saving all concerned from any kind of processing hassles.
• Quick as well as accurate service that secures individual right to claim a lien, and his receivables.
• NTO deliveries via certified mail, in accordance with Florida Construction Lien Law
• Flexible Delivery option to meet the deadline of 45 days
• Straight-forward and affordable service

NTOs allow owners to police their general contractor and ensure that at every step of the construction project, contractors, laborers, materials suppliers, subcontractors and professionals such as architects, interior designers, engineers or land surveyors, all have been paid.

So, employ a trustworthy NTO service to protect your lien rights and make sure that you are paid for your hard work!

About the Author:

Adam Salhanick is the founder of Ez NTO and is an expert in Florida's NTO and Construction Lien laws.

Article Source: ArticlesBase.com - Protect Your Lien Rights With NTO Florida

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