Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Laura asks…

Legal Responsibility after Foreclosure. Is Florida law the same as California?

My home is in foreclosure and wonder if my mortgage co. can try taking money out of my bank account?

Your Questions About Foreclosures

The Expert answers:

If the bank gets a deficiency judgment after foreclosure and sale of the house, your bank accounts can be seized.

Your Questions About Foreclosures

George asks…

Why is there so many home foreclosures in the state of Florida?

Is it the hurricanes? The crime? The school system? What is the main core reasons?

Your Questions About Foreclosures

The Expert answers:

The hurricanes did so much damage that the insurance companies had to raise their rates,
for example, my windstorm damage insurance doubled, and my flood insurance tripled.
Add to that the fact that a lot of people in FL are senior citizens on fixed incomes,
social security, pension, etc., and they couldn’t keep up with the new insurance costs,
plus healthcare costs, etc. And a lot of people who had 2nd homes in FL lost their jobs
and couldn’t afford their homes there any more. Plus it’s harder to get a loan, so it’s
harder to find a buyer for your home. Plus there’s a lot of inventory available, so it’s really a
buyer’s market down there right now.

Your Questions About Foreclosures

Carol asks…

Kids getting Sued Over Dead Mothers Home in Florida?

Here are some facts. With out being in Florida we are having trouble getting answers (or understanding the 50 pages that were served).
1. Mother was in Florida and owns a home that was in foreclosure.
2. There is something about a Homestead Property Act in Florida
3. Mom died and the 4 kids are being served all over the states for the balance.
4. The bank is trying to take the kids assets
5. The loan is not the original one, this is from back in 1984
6. Now that mom is dead what do the kids do? Not sure they can all make it to Florida
How can they clear the debt with out being sued? Why are they being sued?

Thanks for all your help

Your Questions About Foreclosures

The Expert answers:

If you were named in a law suit, you will have to talk to an attorney. Without seeing the Complaint, I do not see how it is possible that you would have to pay anything to anyone.

After Mom died, was an estate set up? If so the executor of the estate would have to determine if there is money to pay for the house.

Your Questions About Foreclosures

Linda asks…

A first look at bank foreclosure homes, your thoughts please?

I am not looking to buy cheap, just better priced, and near where I work in Miami Beach, Florida. A friend suggested getting a list of bank foreclosures from an agent, comparing them with other listed homes in the same area, and said that at least I could be sure the title to each would be “clear”.
I have enough capital and credit to buy a couple of units, one to rent out.
What other advantages is this market likely to offer me?

Your Questions About Foreclosures

The Expert answers:

Purchasing REO directly from a bank is one of the most popular ways to buy a foreclosed property. And there’s plenty of competition so you may find it more difficult to get a property below FMV at this end of the foreclosure chain of events, though not impossible in some counties. The advantages over other foreclosures are that the bank will clear the title and there will be no previous homeowner or tenants to be evicted.
Another advantage a bank owner has is financing flexibility. It’s really worthwhile the buyer negotiates around the four factors; price, downpayment, rate of interest on any mortgage offered, and closing costs. Don’t be shy in giving your reasons why the bank should lower the price.
And I agree wih one of your expert answers, for the type of property you have indicated, HUD homes could be of great interest to you.
You can find both at the source I have quoted.

Your Questions About Foreclosures

Michael asks…

Easiest way to find out if home is in foreclosure process in Miami-Dade county, Florida?

Is there a government dept. where this can be looked for?

Your Questions About Foreclosures

The Expert answers:

Check to see if the Clerk of the Courts for Miami-Dade County is online. Foreclosure filings will be listed if they are online.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures