Thursday, May 17, 2007
Florida Foreclosure Law
Each state has their own particular ways the foreclosure process works. For Florida foreclosures are accomplished using court proceedings. It takes about 5 months to complete.
Pre-foreclosure Stage:
The lender files a court action and records a notice of a pending lawsuit against their borrower. The state does not require the lender to notify the borrower before initiating the foreclosure process, however it may be a condition of the loan. If the borrower is notified (including other affected parties) by mail, this usually follows other letters of warning that the borrower is delinquent on the mortgage payment. If no response or satisfactory response is received from the borrower, the court will rule against the borrower and set a court sale date. What you can do: pay the amount owed to the lender or contact the lender and negotiate a restructure of the loan, (i.e. interest rate, partial payments, restructure loan, etc.) or sell the home before the court date. Banks do not want to become real estate investors. Borrowers may be approached by investors and offered a below market price for the property. This may be a good thing if there is equity.
Notice Of Sale:
Usually 20-35 days after the court ruling the sale date is determined. The notice is published buy the court once a week for two weeks containing the location, date and time of the sale.
The Sale:
A clerk oversees the sale and is usually in the county court house. The winning bidder must provide a 5 percent deposit and pay the remaining balance by the end of the day. After the sale, the clerk give a certificate of sale to the winning bidder. Within 10 days the clerk transfers ownership to the winning bidder. Borrower problems: the sale price could be less than the mortgage amount and the borrower will still owe the rest of the balance. The borrower will need to vacate the property. The borrower may strike an agreement to rent the property from the new owner. If the auction amount is not satisfactory the bank may bid back the property and put in on the MLS for resale.
Investors:
We believe the best stage to try to obtain foreclosure property is in the pre-foreclosure stage. Each property has it's own personality. By finding a property where the mortgage is less than the appraised value, there can be benefit for both the owner and the investor. The owner can avoid bankruptcy, a bad credit rating while having some equity cash at the end of the day while the investor can obtain property below market.
Pre-foreclosure Stage:
The lender files a court action and records a notice of a pending lawsuit against their borrower. The state does not require the lender to notify the borrower before initiating the foreclosure process, however it may be a condition of the loan. If the borrower is notified (including other affected parties) by mail, this usually follows other letters of warning that the borrower is delinquent on the mortgage payment. If no response or satisfactory response is received from the borrower, the court will rule against the borrower and set a court sale date. What you can do: pay the amount owed to the lender or contact the lender and negotiate a restructure of the loan, (i.e. interest rate, partial payments, restructure loan, etc.) or sell the home before the court date. Banks do not want to become real estate investors. Borrowers may be approached by investors and offered a below market price for the property. This may be a good thing if there is equity.
Notice Of Sale:
Usually 20-35 days after the court ruling the sale date is determined. The notice is published buy the court once a week for two weeks containing the location, date and time of the sale.
The Sale:
A clerk oversees the sale and is usually in the county court house. The winning bidder must provide a 5 percent deposit and pay the remaining balance by the end of the day. After the sale, the clerk give a certificate of sale to the winning bidder. Within 10 days the clerk transfers ownership to the winning bidder. Borrower problems: the sale price could be less than the mortgage amount and the borrower will still owe the rest of the balance. The borrower will need to vacate the property. The borrower may strike an agreement to rent the property from the new owner. If the auction amount is not satisfactory the bank may bid back the property and put in on the MLS for resale.
Investors:
We believe the best stage to try to obtain foreclosure property is in the pre-foreclosure stage. Each property has it's own personality. By finding a property where the mortgage is less than the appraised value, there can be benefit for both the owner and the investor. The owner can avoid bankruptcy, a bad credit rating while having some equity cash at the end of the day while the investor can obtain property below market.
Tuesday, May 15, 2007
Hurricane Survival Kit Supplies/Plan
Options: Stay home, stay with a relative or friend or
hotel, public shelter or relocate out of the area.
Supplies:
1. Canned or other non-perishable food.
2. Manual can opener.
3. Drinking water, 1 gallon per person/per day.
4. Baby needs. (diapers, formula, etc.)
5. Personal medications and perscriptions.
6. First aid kit.
7. Battery operated television or radio and flashlight.
8. Extra batteries.
9. Blankets, pillows, sleeping bags or lawn chairs.
10. Sanitary supplies.
11. Road maps.
12. Wet and cold weather clothing.
13. Pet foods.
14. Cards, books, small games.
15. Gather important documents. (birth certificates, insurance policies, health records,
financial documents, mortgages, deeds, titles, bank checks, credit cards, debit cards, stock
certificates, phone numbers and addresses of friends/relatives/critical contacts.
16. Gas your vehicle(s).
17. Plan your evacuation route and destination.
hotel, public shelter or relocate out of the area.
Supplies:
1. Canned or other non-perishable food.
2. Manual can opener.
3. Drinking water, 1 gallon per person/per day.
4. Baby needs. (diapers, formula, etc.)
5. Personal medications and perscriptions.
6. First aid kit.
7. Battery operated television or radio and flashlight.
8. Extra batteries.
9. Blankets, pillows, sleeping bags or lawn chairs.
10. Sanitary supplies.
11. Road maps.
12. Wet and cold weather clothing.
13. Pet foods.
14. Cards, books, small games.
15. Gather important documents. (birth certificates, insurance policies, health records,
financial documents, mortgages, deeds, titles, bank checks, credit cards, debit cards, stock
certificates, phone numbers and addresses of friends/relatives/critical contacts.
16. Gas your vehicle(s).
17. Plan your evacuation route and destination.
