Homeowners who purchased properties during the 2005-2008 real estate saga may not be out of the water just yet! As if the market hitting rock bottom shattering home values across the nation wasn’t enough for these troubled homeowners, those who got into bed with HELOCs to pad their cash on hand at the time may be facing skyrocketing monthly bills coming just around the corner.
During the housing cost peak, millions of Americans found themselves using their homes for other means – as a steady cash flow with the help of a HELOC. A HELOC is a form of second mortgage that is granted to the homeowners to be used for whatever purposes they deem fit. It is the terms of these loans that make them so unique. For the first ten years of the thirty year mortgage, you are only required to pay interest – no principal – on the loan. After the first decade, you are then required to pay both principal and interest.
For those with HELOCs that purchased homes before the pricing crash, this can mean terrifying payments in their near future, as those second mortgage loans mature past their first decade. With first and second mortgages on their homes, most victims of the infamous market crash are in a sticky position. Their homes are not worth the remaining balance of the first mortgage, let alone the second – making these homeowners severely underwater. As HELOCs mature out of the introductory payment period, many of these individuals will not be able to keep afloat as they face these torturous payment increases, leading to a new wave of foreclosures in the upcoming years.
Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.
If you’ve been having trouble making payments on your mortgage for one reason or another, you may find yourself being served a Motion for Summary Judgment. So what does this mean for you and your home?
A Motion for Summary Judgment is, as it says, a motion filed by one party seeking judgment on another. This, in layman’s terms, generally means that there is evidence showing that one side is entitled to the win because of an existing law. When a mortgage holder files a Motion for Summary Judgment, they are requesting to take possession of the house. If the bank wins the Motion for Summary Judgment, it allows them to set a date for the sale of your house to recoup their investment due to your defaulted payments.
This can be a very serious situation, and it is vital that you handle it properly. You have twenty-one days to respond to this Motion of Summary Judgment. You’ll want to file your response before it is set for a hearing. However, there are specific requirements to the respond that will be accepted by the court. As any mistakes can lead to the irreversible sale of your home, it is important to consult with a qualified attorney in these proceedings – especially if you are intending to fight the judgment and retain the rights to the home.
Regardless of whether you will be attempting to keep the house or not, these are very serious matters that can affect your credit worthiness for years to come, making it harder to find living arrangements in the future. It is always best to get help from a professional attorney who specializes in this particular area of law.
Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.
When you signed the daunting pile of paperwork during the closing on your home purchase, one of those pieces was a promissory note. A promissory note provides evidence of you borrowing money from your lender – most likely a bank, but this can be a private individual as well. These notes, due to their nature of ownership, can be stored in many places such as a safety deposit box, a file folder in a bank, or even someone’s garage. This leads to them being frequently misplaced or lost.
During the foreclosure process, this note is required to show proof of the debt. If your lender loses this documentation, will they still able to file a foreclosure?
The simple answer is yes, they can. The court will require that the lender signs an affidavit of lost promissory note before they can proceed.
Now what if your lender has attempted to file a foreclosure suit before with the original promissory note, but was dismissed? Are they still able to re-file claiming a lost promissory note?
Yes – as mentioned earlier, documents are likely to be lost, especially during a shuffle back and forth between the lender and the court. If the lender feels they have built a stronger case regarding your mortgage debt, they are allowed to re-file the claim regardless of the previous outcome.
In any situation, it is best to consult a licensed, experienced attorney who can help you navigate this tricky process.
Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.
When you enter into a rental agreement with a tenant, it is expected that both parties will uphold said agreement. Unfortunately, that is not always the case. While most tenants do fulfill their end of the arrangement, a select few do not. When this occurs, you can find yourself with damages, unauthorized changes to the property, and unpaid bills. Once the dust settles and you tally the bill, it’s time to file the Notice of Intention to Make a Claim. This Notice will state the reasons why the landlord feels the security deposit will be withheld. If the tenant objects to the claim, they have fifteen days to respond voicing their discord with the Notice. If they do not respond, the objection is deemed to be waived.
So what is the next step if the tenant files a response within the fifteen day time period?
If the tenant objects, within the allotted time period, the issue will be considered open, allowing the tenant to file suit against the landlord for return of the security deposit. This also allows the landlord to file action with the court. During this suit, a judge will review the landlord and/or tenant’s documentation regarding the situation. After assessing all of the information, the court will then determine the parties’ rights – who will get the security deposit. The winning party is generally entitled to compensation for attorney’s fees and court costs.
When in doubt, it is best to always consult with an experienced attorney. They would be able to help you navigate this complicated situation.
Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.