Foreclosures Help Information

Posts Tagged ‘discounted-property’

Foreclosed Property In Florida

Question: If I own two homes and one is foreclosed on can the bank take the other one as well?

As most of you know the real estate market has dropped considerably here in Florida, can the bank come after my primary residence as well as foreclose on my rental property

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Answer: I'm a Real Estate Broker myself here in Florida and NOT an attorney, but in my opinion what will happen is the following:

The rental property will be sold at auction most likely once it's in foreclosure. The bank will then place what's called a "Deficiency Judgement" against YOU not your primary residence for the difference of what you owe and what they received from the auction. Now if the bank came after you in the court process for the deficiency judgement then you might have to declare bankruptcy to save your primary residence and main source of transportation, but from what I understand regarding the Bankruptcy Laws Florida & Texas are the only two states that still allow this. But again I'm not an attorney and you should consult with one most likely

MY ADVICE:
Have you tried contacting the Lender regarding a "Short Sale" of the rental property to avoid the whole foreclosure process? This is becoming more popular here in Florida. It basically means the bank might be willing to take less then what you owe because the market is so bad. Contact your lenders "Loss Mitigation" department and explain your situation to them. I have a couple short sale listings myself.

hope this helps, SELL2K

Lee County Florida Selling Foreclosed Houses

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Foreclosed In Florida

Question: Can anyone tell me what happens when your house is foreclosed on in Florida?

What is the process and how does it effect the homeowner after the fact?

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Answer: The same thing as in any other state. You are evicted, you must live somewhere else. You don't get the money back you already paid for the house. You're credit score drops a whole lot.

Avoid having your house foreclosed on. It sucks.

Jason Crane, Foreclosure Realtor -- Florida Holly

Florida Foreclosed Property

Question: Does banks files liens in different properties other than the one you have a mortgage with when they foreclose

I purchase a condominium in Florida with my Aunt two years ago using my credit. I added her name to the deed and title. It happens that my Aunt is having some financial problems and in another property that she owns is being foreclosed. I wanted to know if her other property gets forclosed, and the debt is not satisfied can the bank that holds the mortgage in the condominium that she owns by herself file a lien in the property that we co-own? Even if we purshased with my credit and not hers? What would be the best thing to do?

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Answer: The banks or lenders can legally foreclose only on property they have liens against. they signed a contract to finance a certain property and use that certain property as collateral. It does not matter the state or the type foreclosure.

What ever else you aunt owns unless it is tied up as collateralby this lender they can not foreclose on it.

You should see your attorney for any legal advise.

I hope this has been of some use to you, good luck.

"FIGHT ON"

St Augustine Florida Foreclosure Property Deal