Foreclosures Help Information

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Foreclosure Attorney In Florida

Question: Does anyone know an attorney in Tampa, Florida?

to help me out during my pre-foreclosure process. Willing to pay reasonable fees. Thank you a lot.

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Answer: Try Geri Holloway. She is a reasonably priced real estate attorney
238-8839

Payments and Modifications Miami Florida Attorney Foreclosure bankruptcy www.FloridaLawAttorney.com

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Foreclosure Lawyer Florida

Question: I am thinking of short selling a home that I paid 300k for it is now only worth 150k. I need to find a lawyer?

I live in Miami Florida area. Also note that this is an investment home - speculation that went bad. The builders and the bank were the ones that really ripped me off in the first place. But I do not want that bank to be able to put a lean on my other main home which does have some positive equity. I want a Lawyer who can tell me what types of accounts or assets that I should protect of pay off prior to doing this Short sale of my other house. Also what is the best case senario on how bad my credit will get ruined. I currently have a 750 score. But this is 150k loss. There is no way that this house will go back up in value that fast. Credit is important but I cannot afford to loose $150 K and I cannot afford to keep making payment to this house anymore. I already work 2 jobs and I cannot make enough money so it is either a Short Sale, Loan Modification or a Walk away foreclosure that I am having to pick from.

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Answer: David, this is an investment property. You can short sale it, but you will still owe the rest of the money. The only way to not pay them back is to file bankruptcy, which will not likely be possible since you own other assets that can cover your loss.

This is not your primary residence, you will receive no special treatment.

Florida Foreclosure Attorney Fred Burgess on Channel 10

Foreclosure Attorney Atlanta

TWO PITFALLS TO AVOID IN A SHORT SALE

There are two different methods a lender can go after a home owner for owed funds, after the sale of their home. The two methods the lender does not want the borrower to know about are a deficiency judgment and a 1099.

DEFICIENCY JUDGMENTS

In order to recoup any shortfall in the amount bid, including attorney’s fees, court cost, and accrued interest charges, the lender must file a deficiency judgment. A deficiency judgment is defined as a judgment that has been issued when the collateral for the loan is inadequate to satisfy the lender’s debt completely. In other words, a judgment is issued against the party being foreclosed on to recover any shortfall in the amount owed to them. A deficiency judgment is issued when real property is sold at auction for less than the amount owed on the lien. For example, if a house was sold at auction for $ 160,000, but the amount of the loan balance was $ 180,000, than a deficiency judgment could be issued for the shortage, or deficiency, which is $ 20,000 in this example, In summary, deficiency judgments are issued by court action in favor of a lender to help them recover any amount not collected at an auction sale.

MORTGAGE FORGIVENESS DEBT RELIEF ACT

Until recently, if a lender approved a short sale, the IRS required the lender to submit a Form 1099 for the amount of the loan it forgave. In other words, if a lender accepted an offer of $450,000 a loan of $475,000, the difference of $25,000 was considered income and subject to tax. That changed in December 2007 when President Bush signed into law the Mortgage Forgiveness Debt Relief Act. At least, it changed for sellers who short sell their primary residence. Sellers who short sell a second home or investment property can still expect to receive a 1099.

HOW WE CAN HELP

My company has a 98% success rate of getting deficiency judgment waived against the borrower. Our company policy is to help the seller first and give them the option if we are unable to obtain a full satisfaction whether to proceed with the foreclosure or accept the deficiency judgment.

Contact We-Buy-Houses-Atlanta-Gerogia.com

About the Author:

We buy houses in any condition and any area of Atlanta Georgia. We Buy Houses Dawson Ga.

Source - Two Pitfalls in a short sale

Atlanta Bankruptcy Georgia Wills and Estates Lawyers Attorneys Ames Kent