STATUTE OF LIMITATIONS FOR DEFICIENCY BALANCES - Short Sale Superstars2024-03-28T17:10:22Zhttp://shortsalesuperstars.com/forum/topics/statute-of-limitations-for?groupUrl=legal&feed=yes&xn_auth=noHi... Great information... i…tag:shortsalesuperstars.com,2011-07-02:3468065:Comment:1243172011-07-02T23:32:44.425ZMESARE DONDAhttp://shortsalesuperstars.com/profile/MESAREDONDA
Hi... Great information... i am working with someone who was served with foreclosure papers about 2 yrs. ago, and there has been no follow up on the bank's part... Under "Failure to Prosecute Within One Year" rule, can the bank still file for foreclosure, if the first case is thrown out of court?
Hi... Great information... i am working with someone who was served with foreclosure papers about 2 yrs. ago, and there has been no follow up on the bank's part... Under "Failure to Prosecute Within One Year" rule, can the bank still file for foreclosure, if the first case is thrown out of court? Stephen B. McWilliam said:…tag:shortsalesuperstars.com,2011-01-17:3468065:Comment:680532011-01-17T20:28:46.297ZTerry Bongershttp://shortsalesuperstars.com/profile/TerryBongers
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<cite>Stephen B. McWilliam said:</cite><br />
<blockquote cite="http://shortsalesuperstars.com/forum/topics/statute-of-limitations-for?groupUrl=legal&#3468065Comment10340"><div>Should the Lender bid the full amount of the Final Judgment there cannot be any deficiency. Borrowers should not let their property be sold at the Clerk's auction for $100.00. Typically, any bid in excess of $100.00 will cause the Lender's representative to bid the full amount of the FJ which elimiates the…</div>
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<cite>Stephen B. McWilliam said:</cite><br />
<blockquote cite="http://shortsalesuperstars.com/forum/topics/statute-of-limitations-for?groupUrl=legal&#3468065Comment10340"><div>Should the Lender bid the full amount of the Final Judgment there cannot be any deficiency. Borrowers should not let their property be sold at the Clerk's auction for $100.00. Typically, any bid in excess of $100.00 will cause the Lender's representative to bid the full amount of the FJ which elimiates the possibility of any deficiency on that note. Junior lien holders are another story.</div>
</blockquote> can a family member of the de…tag:shortsalesuperstars.com,2010-06-30:3468065:Comment:351442010-06-30T20:39:23.262ZJesus Sanchezhttp://shortsalesuperstars.com/profile/JesusSanchez
can a family member of the defendants bid on a property auctioned by palm beach clerk auction?<br />
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Thanks.
can a family member of the defendants bid on a property auctioned by palm beach clerk auction?<br />
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Thanks. There is a new and more impor…tag:shortsalesuperstars.com,2010-02-06:3468065:Comment:149302010-02-06T21:43:23.837ZStephen B. McWilliamhttp://shortsalesuperstars.com/profile/StephenBMcWilliam
There is a new and more important problem developing in the deficiency arena that I have been awaiting. Lenders are now starting to chase Sellers in short sales for the deficiency between the net received and the note's current balance. What makes this situation very unusual is that the SOL do not apply in the same fashion. Whereas, a mortgage is considered an installment loan typically with 360 payments; the 5 year SOL applies only to those individual payments that are not more than 5 years…
There is a new and more important problem developing in the deficiency arena that I have been awaiting. Lenders are now starting to chase Sellers in short sales for the deficiency between the net received and the note's current balance. What makes this situation very unusual is that the SOL do not apply in the same fashion. Whereas, a mortgage is considered an installment loan typically with 360 payments; the 5 year SOL applies only to those individual payments that are not more than 5 years overdue. Basically, every payment that is not 5 years late and/or still to be made in the future are collectable.<br />
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In a foreclosure action the lender accelerates the note's balance for payment in full. Therefore, in a foreclosure action the 5 year SOL is applicable to the total deficiency balance but not in a short sale.<br />
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Let's be careful out there. RIchard:
Yes, I have heard s…tag:shortsalesuperstars.com,2010-01-02:3468065:Comment:103782010-01-02T23:57:24.781ZStephen B. McWilliamhttp://shortsalesuperstars.com/profile/StephenBMcWilliam
RIchard:<br />
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Yes, I have heard some very few lenders are doing this but only in very isolated instances and only if it is one of their portfolioed loans, especially commerical properties. The same thing occured in the early 9o's with the S&L meltdown. This all becomes academic if the Borrower has junior notes that will force an eventual BK 7 or 13.<br />
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On the commerical side I just assisted a customer faciliate a stip lien (a/k/a cram down) on a commerical property using BK 11. Unfortunately,…
RIchard:<br />
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Yes, I have heard some very few lenders are doing this but only in very isolated instances and only if it is one of their portfolioed loans, especially commerical properties. The same thing occured in the early 9o's with the S&L meltdown. This all becomes academic if the Borrower has junior notes that will force an eventual BK 7 or 13.<br />
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On the commerical side I just assisted a customer faciliate a stip lien (a/k/a cram down) on a commerical property using BK 11. Unfortunately, Congress just ignored that latest proposed bill that would have allowed residential cram downs. Stephen - Essentially you are…tag:shortsalesuperstars.com,2010-01-02:3468065:Comment:103492010-01-02T13:57:02.644ZRichard Zaretskyhttp://shortsalesuperstars.com/profile/RichardZaretsky
Stephen - Essentially you are correct, except we have noticed at the sales that lenders are for larger transactions getting more sophisticated in bidding so that they do not put a huge documentary stamp tax burden on the lender for the overbid. Many lenders are now bidding up to a stop price - usually based on the pre-foreclosure (updated) value as done by a drive-by appraisal (simple bpo) - sometimes as in the old days called a horseback appraisal. In Florida the difference between a $100 bid…
Stephen - Essentially you are correct, except we have noticed at the sales that lenders are for larger transactions getting more sophisticated in bidding so that they do not put a huge documentary stamp tax burden on the lender for the overbid. Many lenders are now bidding up to a stop price - usually based on the pre-foreclosure (updated) value as done by a drive-by appraisal (simple bpo) - sometimes as in the old days called a horseback appraisal. In Florida the difference between a $100 bid and $100,000 bid is $699.30. Multiply that for a $300,000 judgment and it becomes real money that cannot be recouped AND the lender is as you say, throwing away the deficiency opportunity by bidding the judgment.<br />
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<cite>Stephen B. McWilliam said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/statute-of-limitations-for?groupUrl=legal&#3468065Comment10340"><div>Should the Lender bid the full amount of the Final Judgment there cannot be any deficiency. Borrowers should not let their property be sold at the Clerk's auction for $100.00. Typically, any bid in excess of $100.00 will cause the Lender's representative to bid the full amount of the FJ which elimiates the possibility of any deficiency on that note. Junior lien holders are another story.</div>
</blockquote> Thanks Twice, Katerina - and…tag:shortsalesuperstars.com,2010-01-02:3468065:Comment:103482010-01-02T13:51:09.727ZRichard Zaretskyhttp://shortsalesuperstars.com/profile/RichardZaretsky
Thanks Twice, Katerina - and the same to you and Nestor. Let's see lots of work between us this coming year.
Thanks Twice, Katerina - and the same to you and Nestor. Let's see lots of work between us this coming year. Richard- That is a very good…tag:shortsalesuperstars.com,2010-01-02:3468065:Comment:103422010-01-02T05:05:19.129ZKaterina Gassethttp://shortsalesuperstars.com/profile/CoachKaterina
Richard- That is a very good explanation and you made it very easy to understand and as with anything these days, the answer seems to be: it all depends:) We are wishing you and your family a very happy new year. Say hello to your wife for us.
Richard- That is a very good explanation and you made it very easy to understand and as with anything these days, the answer seems to be: it all depends:) We are wishing you and your family a very happy new year. Say hello to your wife for us. Should the Lender bid the ful…tag:shortsalesuperstars.com,2010-01-02:3468065:Comment:103402010-01-02T05:03:08.554ZStephen B. McWilliamhttp://shortsalesuperstars.com/profile/StephenBMcWilliam
Should the Lender bid the full amount of the Final Judgment there cannot be any deficiency. Borrowers should not let their property be sold at the Clerk's auction for $100.00. Typically, any bid in excess of $100.00 will cause the Lender's representative to bid the full amount of the FJ which elimiates the possibility of any deficiency on that note. Junior lien holders are another story.
Should the Lender bid the full amount of the Final Judgment there cannot be any deficiency. Borrowers should not let their property be sold at the Clerk's auction for $100.00. Typically, any bid in excess of $100.00 will cause the Lender's representative to bid the full amount of the FJ which elimiates the possibility of any deficiency on that note. Junior lien holders are another story.