Posted on 03/28/2011 7:16:39 AM PDT by dawn53
Think of it as Act 2 of Florida's foreclosure crisis.
In the first act, borrowers lose their homes.
In the next, lenders come after them for the debt still owed.
Unlike a foreclosure, which homeowners dread but expect once they stop making payments, deficiency actions can sneak up on people who thought their problems were behind them when they handed over the house keys.
"People have no idea of all the trouble that's coming," said Margery Golant, a lawyer in Broward County who is handling a growing number of deficiency defense cases.
(Excerpt) Read more at tampabay.com ...
A good Realtor will look out for the client. Because Realtors work with the lenders when handling Short Sales, that Realtor should try to obtain a Release for the client to sign so this situation doesn’t occur.
Some people mistakenly believe that walking away or short saling is the answer and it is not. However, Short sale is the best but, again the seller and the seller’s Realtor should ensure that they have the documents that show the deficiency has been ‘forgiven’.
BTTT
http://www.youtube.com/watch?v=ssl5yb7FewA
Good Realtor = oxymoron
TANSTAAFL
There ain't no such thing as a free lunch....
Yes you did.
1) I own stock in banks
2) I and my kids will pay higher fees and rates if we have to pay someone elses mortgage.
It's not the banks fault that someone made a mistake and overpaid for a home.
I know there are thousands of really good people facing terrible struggles right now. But that doesn't mean I should pay.
We are putting into place a huge wealth transfer with all of these programs.
Markets will work if allowed to.
Your advice is the best. Hire a good attorney if you are going to go the short sale route. I hear some on the radio I would trust. They have a call in show and have seen it all...Meaning they know what the banks will do and they are thinking ahead of the banks
If you want to ensure you won’t be dogged by a deficiency judgment...then shell out for an attorney who has had experience in this field. Not just any attorney
Anyone whose loan is underwater, and is contemplating trying to get out of the situation should get a referral for a good local lawyer experienced in representing debtors. A few hundred dollars for a consultation may be the best money you've ever spent. But, make sure you get a good lawyer, referred by someone you trust.
That used to be the case. Not Today. Most banks bid much lower than the balance and many do not bid at all.
Well I would take offense to that as I am a Realtor. But after the things I’ve witnessed in this field, I’m truly sorry that I went into the field. I’m a very good Realtor because I put the client first and do everything in my power to make sure that the client is satisified and I’m not the only one but overall, it is the greediest, most political (as in ‘office type politics’) of any industry I’ve been in.
"You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house...right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can."The point being that this is a bank, not the government. If you don't want the banks to lend your money to others (at the risk of the bank making stupid decisions), then you shouldn't put your money in the bank.
Plenty of folks in that process already ate their free lunch. Just ask Raines and Gorelick.
“I sort of agree with this type of judgment but wonder why the bank isn’t willing to deal with the present homeowner who’s current on their mortgage but struggling.”
Because they don’t want to set an example of forgiving the loan.
Also because they profit greatly when the house is foreclosed on. Not through the property but all the backdoor stuff.
I have a problem with the politicians who want to wipe away their debts.
“1) I own stock in banks”
Then you are a business owner and I have zero sympathy for you. You want the profits but whine about the business risk after taking INSANE risks.
“2) I and my kids will pay higher fees and rates if we have to pay someone elses mortgage.”
No you don’t. You pay the market rate, same as everyone else.
The markets will work but the banks don’t want an open market. They want control.
yet in bankruptcy the deficientcy is wipped out.
There are banks that waive the deficiency as part of the shot shale process.
also the judgment requires a judgment. if the case is dismissed there is no second bite at the apple.
Congratulations on your successful theft.
The only people whining are those who are strapped and can't pay their mortgage. I would probably whine also. But I didn't move to a high growth area like Florida or California in the mid 2000’s and buy a house. Sucks for those who did.
“No you don’t. You pay the market rate, same as everyone else.”
Market rate is now higher for everyone. Check out what PMI has done in the past couplke of years for example.
The only people whining are those who are strapped and can't pay their mortgage. I would probably whine also. But I didn't move to a high growth area like Florida or California in the mid 2000’s and buy a house. Sucks for those who did.
“No you don’t. You pay the market rate, same as everyone else.”
Market rate is now higher for everyone. Check out what PMI has done in the past couple of years for example.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.