Comments for Real Estate Education from Granite Real Estate Investment Club

Comment on Investors Fight Foreclosure On Their Own by Charlotte real estate agent

Charlotte real estate agent — Tue, 09 Dec 2008 18:17:53 +0000

Article is really good. Thanks for the article. Keep like this coming.Will be waiting.

Comment on Mortgage foreclosure process by DJ B

DJ B — Tue, 09 Dec 2008 11:26:59 +0000

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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Comment on Mortgage foreclosure process by CJKatl

CJKatl — Tue, 09 Dec 2008 11:24:59 +0000

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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Comment on Mortgage foreclosure process by LadyB!™

LadyB!™ — Tue, 09 Dec 2008 11:22:59 +0000

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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Comment on Mortgage foreclosure process by vals.beach

vals.beach — Tue, 09 Dec 2008 06:20:00 +0000

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?

Comment on Did George Bush create a new law regarding foreclosures? by Charlotte real estate agent

Charlotte real estate agent — Mon, 08 Dec 2008 14:25:55 +0000

Thannks for article. Not completely agree with the writter. Will be waiting for the nw updates.

Comment on Bank Foreclosure: 3 Points You Need To Know by satarnag

satarnag — Sun, 30 Nov 2008 18:25:59 +0000

Something is not right in the negotiations or the terms you are offering. Maybe you are low balling them? Regards
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Comment on Bank Foreclosure: 3 Points You Need To Know by Yanswersmonitorsarenazis

Yanswersmonitorsarenazis — Sun, 30 Nov 2008 18:23:59 +0000

Take the highest rate possible with the lowest fees. Then refi afterward. Or find another house and screw these guys.
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Comment on Bank Foreclosure: 3 Points You Need To Know by SOUTH LAKE

SOUTH LAKE — Sun, 30 Nov 2008 18:21:59 +0000

The bank is playing this game because the manager and the loan officer in their department doesn't want to have to report a loss on their shift . They will lose much more by not selling the house at reasonable market value but its no skin of their nose. We have a bank foreclosure in our neighborhood that has been on the market for about a year . The owner put zero down and made no payments, so the bank has the house priced at $580,000 instead of the market value $470,000 to cover their costs.
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Comment on Bank Foreclosure: 3 Points You Need To Know by biggcane

biggcane — Sun, 30 Nov 2008 18:19:59 +0000

If it is a foreclosure then they have a certain amount tied up in the property. If they take less than that then they will lose more money then they have probably already lost on the house. As to why they won't budge on the terms, they probably are using that to gauge how serious the buyer is. In their minds, If somone can't meet the up front costs then that would likely mean they'll be left holding the bag on another foreclosure for this house. I hope you get it. PS..... Paying the points up front will buy you a better interest rate so it might be worth it.
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