Foreclosures Help Information

Posts Tagged ‘Florida 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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Buying Foreclosed Property In Florida

As many of you will be aware, investors have been purchasing foreclosed properties in places like Orlando, Florida since early 2008. They have been doing this because it is an excellent way of purchasing an undervalued buy to let asset.

However it can be a frustrating experience as well, as clients are often bidding against several people for the same property, and once an offer is made, you usually have to wait 2-3 weeks to receive an answer.

If the bid was unsuccessful we need to start again. Once a successful bid is accepted and processed, the management company process starts, with the lucky landlords finding new tenants within 4-6 weeks. If a person was unlucky enough to receive “your bid was not successful” messages three times, he could easily have wasted 3 months trying to purchase a foreclosed property with absolutely nothing to show for it!

Even if you were lucky enough to have a bid accepted and you (or your agent) managed to navigate your way though the extremely slow and bureaucratic title companies – you might not get a tenant very quickly. I know of several people who had to wait more than 3 months for this – that’s three months paying HOA and Real Estate taxes without any income to show for it.

After I’d spent many months purchasing and helping people purchase property this way, it became evident that there was a much better way of doing this, both an agents and a buyers point of view.

As has happened in Ireland & the UK, when the credit crunch was causing misery for local Orlando developers quite a few decided to try and ride out the storm by furnishing and renting out the remaining units themselves while waiting for the market to turn. Makes sense right?

But what if you can find a developer who owned and rented high quality units and was about to be foreclosed by a bank? Let’s say you find one who needs to raise $5 million in 30 days or the bank will seize his assets. Would he be willing to sell 100 of his properties to investors with tenants in place at a foreclosed price level (say $50,000) in order to avoid the excruciating foreclosure process? The short answer is yes, he certainly will!

This method has all of the benefits of a foreclosed property (highly discounted price, v high rental yield) with none of the headaches (bidding process, red tape, finding tenants). If you can tailor your search for these types of tenanted units, then everything becomes a whole lot quicker – and much more profitable.

About the Author:

Torcana Ltd is a property investment consultancy dealing with investments in foreclosed property, distressed property, and discounted property in USA, Spain, UK, and Panama. For more information please visit: - http://www.torcana.com

Article Source: ArticlesBase.com - New Ways of Purchasing Distressed & Discounted Properties

Foreclosed Properties Fort Lauderdale Florida

Buy Foreclosed Property In Florida

Question: I cant sell my land or condo in tampa florida?

I cant sell my land or condo in florida..market is terrible. Hence the pain of making these mortgage payments. I'm barely making it. Paycheck to paycheck. Whats worst is the interest only payments on my condo. I live in it. But big deal. Not building equity and cant refinance either--- too costly. I will never buy property again! Everyone talks about how great it is to own property? Where are perks?? Both properties are cash cows eating away at my savings. Im better off renting and getting rich. If I would have stayed renting I would have saved 50k in the bank! Now instead, im just 150k in debt! Home ownership isnt the American Dream. Its the american nightmare. When you are making mortgage payments the bank owns it. They are just waiting for you to foreclose.

Renting is the greatest! I wish i was a renter again!..No more taxes, association fees, maintenance, and Insurance costs! What a waste of money. I need help.

Dont know what to do. Need help.

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Answer: If you bought a home/condo on an interest only mortgage and you could barely afford the payments it sounds to me like you bought a home that was too expensive of a home for yourself. Homeownership can be a wonderful experience when you are not stretching yourself so thin financially that you have to live paycheck to paycheck. Unfortunately property in Florida hit a big bubble quickly because of the ridiculous appreciation levels that were happening down there. Everyone saw this coming except for those buying up real estate thinking they were going to make sooooo much money so quickly because of the 20,30 and 40 percent appreciation rates in Florida. Now everyone is stuck with property that is overpriced and they are having a hard time selling . You are not alone down there in Florida as this same situation is arising everywhere. Trust me the bank is not just sitting back waiting for you to miss some payments so they can foreclose on the home. They are going to lose a lot more than you if they have to foreclose on your property. That is the last thing that they want. My recommendation to you is to put your home and you land up for sale immediately if they are not already up for sale. Find a Realtor that is knowledgeable in the area of "short sales" and have the Realtor contact your bank about having them agree to letting you do a short sale on your property. A short sale is where the bank will agree to accept less than what you owe on the home, if you are unable to get enough to cover your mortgage. Obviously, there are limitations to what they will accept and once you have a bid you can make your request for the short sale from your lender. Best of luck and I hope it all works out for you soon.

Buy Foreclosed Homes in Miami, FL on Miami Homes For Sale