Comments on: Mortgage foreclosure process http://www.realestategranite.com/blog/88/mortgage-foreclosure-process/ Real Estate Investing Education, News, and Deals, real estate club Fri, 03 Feb 2012 19:43:24 -0800 hourly 1 http://wordpress.org/?v=3.1 By: DJ B http://www.realestategranite.com/blog/88/mortgage-foreclosure-process/comment-page-1/#comment-245 DJ B Tue, 09 Dec 2008 11:26:59 +0000 http://www.realestategranite.com/foreclosures/mortgage-foreclosure-process#comment-245 You don't pay, lender files default with county, foreclosure begins, you are given notice as to the date of the sheriff sale and when you have to vacate the property. And yes if the lender isn't able to recoup the balance on the mortgage when the property is sold, then can put a judgment lien against you, and/or file a 1099 form with the IRS grossing up your income for the year.<br><b>References : </b><br> You don't pay, lender files default with county, foreclosure begins, you are given notice as to the date of the sheriff sale and when you have to vacate the property. And yes if the lender isn't able to recoup the balance on the mortgage when the property is sold, then can put a judgment lien against you, and/or file a 1099 form with the IRS grossing up your income for the year.
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]]> By: CJKatl http://www.realestategranite.com/blog/88/mortgage-foreclosure-process/comment-page-1/#comment-244 CJKatl Tue, 09 Dec 2008 11:24:59 +0000 http://www.realestategranite.com/foreclosures/mortgage-foreclosure-process#comment-244 To answer your specific second question: Yes, in Florida the lender can get what is called a deficiency judgment. That means the lender can go to court, get a judgment against you for the remaining amount owed plus expenses associated with the foreclosure and deficiency collection, and start attaching other assets. http://www.foreclosurelaw.org/Florida_Foreclosure_Law.htm<br><b>References : </b><br> To answer your specific second question: Yes, in Florida the lender can get what is called a deficiency judgment. That means the lender can go to court, get a judgment against you for the remaining amount owed plus expenses associated with the foreclosure and deficiency collection, and start attaching other assets.

http://www.foreclosurelaw.org/Florida_Foreclosure_Law.htm
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]]> By: LadyB!™ http://www.realestategranite.com/blog/88/mortgage-foreclosure-process/comment-page-1/#comment-243 LadyB!™ Tue, 09 Dec 2008 11:22:59 +0000 http://www.realestategranite.com/foreclosures/mortgage-foreclosure-process#comment-243 This is not specific to Florida but, the general foreclosure proceeding is: 1. Foreclosure suit filed in court and with the county recorder's office 2. Mandatory filings, notices and a statutory period of 'right to redemption' [depending on state law and the type of deed 30 days to 7 months] 3. If all $ in the arrears plus legal cost aren't paid the judge will issue and order and of foreclosure , this also transfers title of the property to the lender. 4. Foreclosure sale, which will probably leave a deficiency balance which is a judgment against you. And this amount can be collected by the lender from other assets just like any other judgment. Advice: Sell the property before the foreclosure sale or give the lender a deed in lieu [return the property to them] if you are concerned about other assets being at risk. Although some types of assets are judgment proof [pensions, primary residences, % of wages, etc.], you should consult an attorney about the specifics hope that helps.<br><b>References : </b><br> This is not specific to Florida but, the general foreclosure proceeding is:

1. Foreclosure suit filed in court and with the county recorder's office

2. Mandatory filings, notices and a statutory period of 'right to redemption' [depending on state law and the type of deed 30 days to 7 months]

3. If all $ in the arrears plus legal cost aren't paid the judge will issue and order and of foreclosure , this also transfers title of the property to the lender.

4. Foreclosure sale, which will probably leave a deficiency balance which is a judgment against you. And this amount can be collected by the lender from other assets just like any other judgment.

Advice: Sell the property before the foreclosure sale or give the lender a deed in lieu [return the property to them] if you are concerned about other assets being at risk. Although some types of assets are judgment proof [pensions, primary residences, % of wages, etc.], you should consult an attorney about the specifics

hope that helps.
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]]> By: vals.beach http://www.realestategranite.com/blog/88/mortgage-foreclosure-process/comment-page-1/#comment-242 vals.beach Tue, 09 Dec 2008 06:20:00 +0000 http://www.realestategranite.com/foreclosures/mortgage-foreclosure-process#comment-242 <b>Can someone explain the mortgage foreclosure process?</b><br>Florida. Also, can a mortgagee put a lien on other assets if not used as security in that mortgage? Can someone explain the mortgage foreclosure process?
Florida. Also, can a mortgagee put a lien on other assets if not used as security in that mortgage?

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