Foreclosures Help Information

Posts Tagged ‘discounted-property-in-spain’

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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Florida Foreclosed

Question: How many months of no payments before a Mortgage company can foreclose in Florida?

I heard that it is 3 months but some one told me 7 months.

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Answer: Legally, the lender can foreclose the first month of default, but as "Othniel" stated, it really depends on the back load of work the lender is currently dealing with.

Florida Foreclosed Homes: FL Foreclosure Condos for Sale

Foreclosed Florida

Question: Can Judgment Winner in FLorida Freeze Your Bank Account?

If a credit card company wins a summary judgment against an individual for unsecured credit card debt over $15,000 (meaning it was too much to be decided in small claims court), can they freeze the individual's personal bank account? And if they can, *how soon* after the judgment can they do it, and for *how long*. The person is not a head of household, it is just a single individual living alone. The person's home is homesteaded under Florida Law and can't be foreclosed on but the judgment holder does get an automatic lien on it after winning the judgment so they are paid with the home is sold.

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Answer: Only if the credit card company gets a specific judgment to freeze your bank account can they do that. It normally is rare for a judge to order the bank account frozen.

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