Foreclosures Help Information

Posts Tagged ‘Florida Homes’

Buying Foreclosed Homes In Florida

Question: Which is the better market for buying a foreclosed condo, town house or single family home- Vegas or Florida?

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Answer: Certain parts of Florida are almost certainly going to be the best deal. Vegas's prices were tremendously inflated before the slump, and a lender is not going to take 30% loss on the investment, when the loan is so much greater than the actual worth. Most of FL (except around Orlando and Miami) did not have the typre of inflated home prices that Vegas had, so the loan to value ratio is better in those areas. You can probably get a great deal on a foreclosure in Tampa.

Let me know if you need a Realtor in Florida or Nevada! I am part of a nationwide referral network for Realtors. You can contact me at [email protected]

Good Luck!

County approves plan to buy foreclosed homes

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Foreclosed Homes For Sale In Florida

Question: after foreclosing on my house in new jersey,can they come after my house in florida.?

I can no longer afford my home in new jersey and it is for sale. i have priced the house at a reduced number. i am still current and have a new mortgage and job in florida. i am moving there next month. I cant afford both mortgages and if the house does not sell quickly, i will be unable to pay and thus will become delinquent.What can i do and can they come after my new house in florida?

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Answer: Before choosing to go with the foreclosure, you should look into a few other options first. Refinancing is the option that most homeowners attempt first, but credit/income and tighter lending have precluded most homeowners from qualifying for a loan right now.

Either way, you should list the house on the market just on the off-chance someone wants to purchase it before the foreclosure goes through. You can also try to work with the lender for a short sale, where you'd sell the property for less than what you owe on it. At least it will pay off the loan and save your credit a bit.

If that doesn't work, ask the lender about giving a deed in lieu of foreclosure. That works as just giving the property back to the bank, and they can't go after anything else. They accept the deed instead of foreclosing or paying the loan, so there's nothing else for them to go after. This is only slightly better than a foreclosure, but anything you can do to preserve your credit will help at this point.

It will depend on how the bank pursues the foreclosure if they can sue you for another judgment and go after any other assets. With just the foreclosure, though, they are not entitled to anything else. You pledged the house as collateral for the loan -- not your car, 401(k), or prize racehorse. So all that they can take as payment for the loan is the house.

Look up California's state foreclosure laws and consult your loan documents to determine what kind of foreclosure the bank can proceed with (Judicial or Non-Judicial). That will tell you if they can sue you afterwards and try to go after any other assets.

Banks rarely sue for deficiency judgments, though, since they know that foreclosure victims don't have a lot of extra cash or even the ability to borrow any money. It costs the lender extra time to sue you and there's no guarantee they'd be able to collect on the judgment, so most don't bother with the judgment at all.

Hope that helps.

ForeclosureFish

http://www.foreclosurefish.com/...

Source(s):
Short sales: http://www.foreclosurefish.com/blog/inde...
Deed in lieu of foreclosure: http://www.foreclosurefish.com/deedinlie...
California foreclosure law: http://www.foreclosurefish.com/ca.htm...
Deficiency judgments: http://www.foreclosurefish.com/blog/inde

Rehabilitated Foreclosed Home in Collier County, FL for Sale (NSP Home#8)

Foreclosed Homes In Florida Free

Question: I own a home free and clear in florida I sold this property and financed it for 12 years .?

I'm now having to foreclose due to default on mortgage note and they will not sign the property back to me... If they have accrued any liens on the property do i have to pay off the lien to get the property back and have clear title ? I know i have to pay any back taxes....thanks

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Answer: Hire an attorney. Sounds like you'll need to go to court if your buyer doesn't sell first. Once you get a default judgement, the property is yours, property specific liens, back taxes and all. Check with the county for any outstanding liens.

Video your property now, it may come in handy if the defaulter decides to take your front door, pool enclosure, a/c unit, etc as they leave.

Foreclosures in the Villages - Florida Foreclosed Properties