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Florida Short Sales

Information relevent to the State of Florida, and how short sales may be specifically affected by Florida Laws. Florida short sale news.

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FHA VARIANCE

Started by Kathi. Last reply by Kathi Feb 7, 2017. 4 Replies

at what point in a short sale does the Lender order the FHA variance? Is it in the beginning process or when all docs are received and approved by the lender?Continue

Are loss mit options still available to homeowners after the Summary Judgment

Started by Allan Robinson. Last reply by Terry McCarley Dec 4, 2016. 1 Reply

I have a friend who is in foreclosure in Largo FL.  The final summary judgment is entered and the foreclosure sale is over 30 days away.  Can he still short sale the property??Thank you, AllanContinue

Closing disclosure

Started by Kathi. Last reply by Kathi Jun 13, 2016. 3 Replies

I'm running into a problem with a short sale lender who wants me to send him a Closing disclosure rather than the old HUD,  Problem is, only the lender is allowed to complete the CD.  Since the…Continue

Frustrated with inability to find a GOOD Short Sale Closing Attorney that is consistent

Started by Stephanie Lim. Last reply by Carl R. Krauss Oct 4, 2013. 5 Replies

I have had the hardest time trying to find a good, CONSISTENT short sale attorney to close the files (and assist on issues when they are needed).  Every time I think I have found a superstar and give…Continue

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Comment by Wendy Rulnick on March 18, 2010 at 6:49am
Karen - I've been told by bankruptcy trustees that homes that are UPSIDE down with mortgage encumbrance are NOT wanted by bankruptcy court. There is no value to divide amongst the creditors. The trustee told me that the natural end of the bankruptcy is for the house to go BACK to the owners if it is upside-down... Maybe Richard Zaretsky can pipe in, or we have another Florida attorney on here now.
Comment by Stephanie Lim on March 18, 2010 at 4:54am
Karen--I've read articles that this is becoming a common problem in Florida...lenders not taking back the house right away. They let it sit in the sellers name for various reasons including, but not limited to, the limitation of the bank for liability of back HOA/Condo dues created by Florida law.

I've been told by a bankruptcy attorney that the bankruptcy removes ALL financial liability for the home from the seller. However, until the bank takes the home back, or the seller deeds it over, it will stay in the sellers name... what I don't know is:
* Does this make the seller liable for the taxes and HOA or condo dues from the point of filing bankruptcy going forward? (Although they were released from the liability in the bankruptcy discharge for everything owed at that point?)
* Can the seller still get a short sale contract and appeal to the bank to take it since they are still legally the owner? It seems like they should be able to since they are still the owner, but I'm not sure if the discharge somehow interferes with this ability.

Sorry I'm not much help with this...maybe somebody can help answer it. I have the same questions. :-)
Comment by Karen Mathers on March 9, 2010 at 10:25am
I have a seller who had her home listed as a short sale when her attorney told her to file bankruptcy and she does not have to bother with the house. She did the bankruptcy almost 2 years ago and the house sits empty but the tax records still has her listed as the owner. I ask her about it and she says her attorney said it was taken care of in the bankruptcy. I have a buyer for it but I can't tell who owns it. I would put this question in the Law Group but I don't know if secured debts in a bankruptcy are handled diferently in each state.
Comment by Katerina Gasset on March 3, 2010 at 8:24pm
Teresa- That ruling is for those slime bag short sale companies who take the short sales, charge up front fees ( which are illegal for them to charge) and then they scam the sellers. This is who the law was written for, the state wants these companies to be licensed from now on to protect the sellers. This is not a ruling about real estate agents or attorneys.
Comment by Wendy Rulnick on March 3, 2010 at 5:38pm
Teresa - They did not provide this link - from the same Chapter 494- Richard Zaretsky, attorney, sent me the link http://www.flofr.com/Finance/burfindsplay.aspx?ID=36
Comment by Teresa Turner on March 3, 2010 at 5:32pm
Please interpret this...

Here's what they sent me from the Bureau of Finance Regulation dated 12/8/09:

Loan Modifications: Short Sales

Does a company that facilitates short sale transactions for borrowers need to be licensed?

Answer: Effective January 1, 2010, the definition of "acting as a mortgage broker" will include negotiating the terms or conditions of an existing mortgage loan on behalf of a borrower. See Section 494.001(3). F.S. Since a company that facilitates short sale transactions for borrowers will be asking the lender to accept less than the amount owed, it will be affecting the terms or conditions of an existing mortgage loan. Accordingly, a company that facilitates short sale transactions needs to be licensed under Chapter 494,F.S.
Comment by Wendy Rulnick on March 3, 2010 at 3:33pm
There have been rumors flying about!
Comment by Katerina Gasset on March 3, 2010 at 2:30pm
Teresa- NOT true!
Comment by Wendy Rulnick on March 3, 2010 at 11:18am
Comment by Wendy Rulnick on March 3, 2010 at 11:18am
That is not true- someone is quoting you part of the law only! Please post what they sent you if available!
 

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