Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

John asks…

Is there a loophole for the new florida foreclosure law?

I work as a loan modification specialist and my firm is a reputable company. We have a A+ rating with the Better Business Bureau and we really help our clients save their homes. Recently a statute passed that prevented companies from collecting upfront money from any home owner in florida that is in foreclosure for services related to saving their home. Of course no one works for free. Is there a way my company can get around this and collect our initial fee?

Your Questions About Foreclosures

The Expert answers:

If you are reputable, why do you need to collect a fee upfront? Why not at completion, or closing of refinance or new deeds?

Your Questions About Foreclosures

Linda asks…

I have a friend in Pinellas County Florida whose home is in foreclosure and he has no job.?

He is able to collect food stamps but no other assistance for utilities. He says he’s been looking for a job but has had no luck. Any suggestions out there from anyone? Greatly appreciated. Thanks.

Your Questions About Foreclosures

The Expert answers:

I know where your friend is, I was there not too long ago. Get him the book “There’s no Place Like Your Home”. It gives great step by step instructions on what your friend can do to keep his home for a lot longer than you would think while he is working to get himself back on track. MJe and a few friends put the book to work and were able to stay in our homes for over a year while we got back on our feet. Now we are all back on track, and yeah, our credit is kinda screwed, but at least we have our homes.

Good luck, and hope this helps.

Your Questions About Foreclosures

Donald asks…

Should I sign a foreclosure deficiency agreement in Florida?

I’m trying to do a short sale on my primary home in Florida. The value has fallen by over 50% and I’m 12 months behind on payments. The 1st lender is ok with the short sale, but the second lender won’t receive anything and is requesting that I sign an agreement for a deficiency notice. They also gave me the option of signing something assuming the tax liability for their loss.

Should I sign either of these, or is it better to let the property foreclose?

If I do sign one, what is the consequence and possible recourse?

Thanks, for your help!

Your Questions About Foreclosures

The Expert answers:

WHOA, without seeing docs, not sure what they’re asking, but sounds like they want you to affirm the loan and once security (home) is gone, they want personal liability. Or that they will give you 1099C, which means you will have income on which to pay tax next year.
Seek legal advice before signing any of these things or letting it go in foreclosure. Initial consultation cheap or free.

Your Questions About Foreclosures

Lizzie asks…

Foreclosure?

How do I stop a foreclosure on my home in Florida, 4 months behind in payment served with a lis pendens

Your Questions About Foreclosures

The Expert answers:

Bring the payments current.

Your Questions About Foreclosures

Lisa asks…

If you own a home in Florida, can’t sell it, and do a deed in lieu of foreclosure. Can that be claimed on tax

Do to all of the things going on in Florida, could not sell the home.
I gave it back to the bank with a deed in lieu of foreclosure. Can the amount lost on the home, be taken off of next years taxes, or broken down into several years of taxes?

Your Questions About Foreclosures

The Expert answers:

Actually you have asked a question that perhaps should be looked into before you persue the deed in lieu. There may be a tax impact and you will want to have the package that you did with the bank-including hardship letter when you speak with your tax preparer this year. The impact may well be the reverse of what you expect-they may consider it income! So you have to present the package and request a review. There are IRS tax attorneies who specialize in helping with this issue or you may just take the package that you successfully submitted to the bank-including all of the financial info and visit the closest IRS office to apply for a review or this transaction. Good luck! At least with the bank approving the Deed in lieu I know that you have been able to provide enough proof to satisfy them. You are on the right path to be able to satisfy the IRS as well. Be sure to take all of the documentation either way you go! It just saves time.

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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