Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

John asks…

LAW PROFESSIONALS: What is the law in Florida regarding foreclosure?

Once your home is officially in foreclosure do you have 90 or 120 days to vacate the premises? I’ve typically heard 90, but someone told me that in Florida you get 120 days before you have to be out. Also, what exactly happens if you just “walk away” like many people are doing these days? I know your credit is obviously negatively affected for many years, but are you at all responsible for any payment on the loan? And if you have HOA fees, will you be responsible for those once you go into foreclosure?
This property is located in Miami. Dade County.
Also, the property has not had the mortgage paid for 10 months.
The lender is U.S. Bank.
The foreclosure process is supposed to proceed as of 7/27/10.
Papers have been sent in an attempt to renegotiate the loan, however, they have everything they need, but are still working on the file.
It’s not a matter of “stealing” the bank’s money. It’s a matter of trying to work with them and getting the response “We can’t help you until you default on your loan.” The property value is half of what it was when it was bought, and you’re awfully high and mighty to make a comment like that during this housing crisis.

Your Questions About Foreclosures

The Expert answers:

It depends on who you are.

If you are a renter you can continue renting from the bank for 90 days.

If you are the one who is stealing the banks money you have to be out as soon as the foreclosure completes, you are a trespasser past that point.

Your Questions About Foreclosures

Mandy asks…

In a Florida Foreclosure & Deficiency Judgement – can they take your 2nd property, your business, car, etc?

My friend owns 2 houses and a small restaurant business (which is incorporated- just in case that makes a difference). She’s facing foreclosure on the house she currently lives in after only two years because of her increasing loan rate and the business has slowed down, but she continues to make payments for her other house. After foreclosure of her current home, she plans to move into the other house, which is NOT connected in any way to the house that is being foreclosed. After foreclosure, can the bank get a deficiency judgment and come after her business and her other home? She doesn’t make a lot of money, nor does she have an account with a lot of money sitting around. Thanks for any information.

Your Questions About Foreclosures

The Expert answers:

Normally the lender will only go after a house they have collateral on. They don’t go after property that is not covered in the loan docs that were signed by the borrower.

In most states even though there is a clause that might allow them to go after a deficiency judgment, most will not do so.

I have been in the mortgage business since 1979 and have only heard of a mortgage company going after a borrower for a deficiency judgment once and I read that in a professional magazine. The reason the lender went after the deficiency judgment in this case was the house burned down.

I think your friend is pretty safe in what ever state you guys are in and the lender will not go after her business nor her other property she has.

I hope this has been of some use to you, good luck.

“FIGHT ON”

Your Questions About Foreclosures

Jenny asks…

If your home goes to foreclosure, can the bank place leans on your bank accounts?

If I give my house to the bank as foreclosure can the bank put leans on my personal bank accounts and automatically deduct their monies each month? I live in Florida.

Your Questions About Foreclosures

The Expert answers:

No, they hold collateral (the home). They are not entitled to raid your bank account. However, if they auction it for a loss then they can come after you for the difference and get your wages garnished by court order. However if this is FHA then they already receive mortgage insurance to cover losses.

Your Questions About Foreclosures

Donald asks…

Renting a room in a home going through foreclosure in Orlando, what to do?

I’m a student in Orlando, Florida, renting a room in a house within a gated community. Apparently the house is going through foreclosure. I dont have all the details because the “owner” wont give them to me. How can I find more information on the situation? What are my rights? I keep reading something about “cash for keys” in which the bank will give me time and money to move out? Can someone help, thanks!

Your Questions About Foreclosures

The Expert answers:

This is a very messy situation. Technically if the property is in foreclosure, the true
owner, the lender has exercised their rights under the Mortgage to take possession of the property as the owner is not paying the mortgage. Technically, you Can also be evicted as you should be paying the lender. If this were a 2 family home, the lender could contact you and request payment be made directly to them. Since this is not the case, and this is a room you are renting, they probably do not know about you. If i were in your situation I would simply move out and save myself the headache. The other options is to contact the true owner directly and explain your situation to them and offer to pay them the rent directly. This could create an uncomfortable situation with the co-tenants though. You may be able to obtain the name of the lender through public tax records…..good luck.

Your Questions About Foreclosures

Laura asks…

How Long For Eviction After Foreclosure Notice?

In the state of Florida, if your home gets foreclosed on, how long do you usually have before you have to get out?

Thanks ahead of time!

Your Questions About Foreclosures

The Expert answers:

About 3 months, give or take from the date you get notice.

Powered by Yahoo! Answers

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