Perhaps your bank has filed a motion incorrectly, or perhaps they have filed one without apparent reason in your eyes. You might be wondering if such a motion can be quashed and, if so, how would you go about doing it. There are
many options for treating such a situation based upon the specifics of each scenario, but we’ve provided a couple of pointers below to get you moving in the right direction.

The most reiterated advice for quashing a motion filed by a bank is to find a lawyer who is acquainted with the type of situation you’re facing. The language and information of these types of motions tend to be highly technical and require an experienced eye to catch the flaws, loopholes, and solutions. Seeking out counsel who is knowledgeable of the situation’s necessities will save a lot of time and heartache in the end. Your lawyer will need to be experienced in the right of action you have against the bank in the circumstance. They will also be needed to oppose the rescheduling of the sale if the instance calls for it.

While your rights are undeniable, judges tend to treat these situations quickly and aggressively. Having a skilled lawyer who has managed similar scenarios will ensure proper representation in court and enforcement of your rights.

Another advisement against a bank’s motion suggests self-representation in court under the circumstance that you have followed through with all modification payments and can provide proof. Often there is a disconnect in communication between bank departments, which could result in an incorrect motion. Proving that you have made all required payments, your objection to the motion should face little opposition in court.

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’re in the unfortunate predicament of failing to receive payments after an owner-to-owner transaction, you may question your options of proceeding. Do you foreclose? Perhaps you should begin by evicting?

First, know that eviction refers to the current occupation and ownership of the property involved. A foreclosure is an effort to reclaim the property title. While eviction may likely be a necessity in the future, it is suggested that the original owner proceed with foreclosure first. The essential instrument of success in this proceeding is proof of the original owner’s continued mortgage payments. At this point, an argument can be made for continued interest payments on the mortgage or for the equity that has been gained since you (as the original buyer) first signed.

The process of foreclosing requires an acceleration notice or default notice that typically would notify the occupant of a 30-day deadline on total payment. It is also highly suggested that an attorney oversee the process as foreclosures tend to be convoluted and tricky. Be prepared, too, to pay costs for court in addition to attorney fees.

To summarize, if after an owner-to-owner property sale the buyer or occupant fails to make payments, a foreclosure is advised. An attorney to guide the process is also highly suggested. After an acceleration or default notice completes its deadline, it may then be necessary to evict.

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.

Although it could take a mortgage lender months or even years to initiate a foreclosure after a homeowner has stopped making payments, it’s important that borrowers know what the statute of limitations is and their set time limit. Here’s an overview of the statute of limitations and how it applies to your mortgages.

Keep the Statute of Limitations in Mind

A statute of limitations is a set time limit for starting a legal claim. There are all kinds of legal actions that have a statute of limitations, each with a varying time frame based on the kind of action or claim. For our purposes, we’ll focus on the statute of limitations as it pertains to home foreclosure.

Generally, if the statute of limitations expires before the mortgage lender initiates the foreclosure, the lender’s claim becomes invalid. In this case, the lender isn’t entitled to foreclosing your home. This expiring time limit varies by state.

Learn More About Your State’s Statute of Limitations

It’s important to remember that each state has its own statutes of limitations. For example, Florida’s current statute of limitations for written contracts – mortgages – is five years. Although most states fall within the three-to-six-year range, some extend as far out as 15. Research your state’s statute of limitations to see how much time you’ll have once you default on your mortgage – first and/or second.

Of course, if you have any questions or concerns regarding your mortgage and your state’s statute of limitations, you should seek legal counsel immediately.

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.

Navigating the sale of a private mortgage note can be complex. Whether you’re collaborating with an investor or dealing directly with a potential buyer, understanding the nuances of the process is crucial. You’ll need to consider multiple bids to ensure you’re getting a fair market value, sure, but there are other vital aspects to be aware of. Here are three of them:

Your Personal Credit Isn’t the Focus

When gearing up to sell your private mortgage note, it’s essential to compile all pertinent details about the note and the associated property. A common misconception among many sellers is the relevance of their personal credit in this transaction. However, the value and attractiveness of your mortgage note are not determined by your creditworthiness. Instead, factors such as the note’s terms, the property’s current market value, and most importantly, the BUYER’S credit rating play a pivotal role. It’s crucial to remember never to disclose your personal credit information during the sale process.

Expectation vs. Reality: Valuation of Your Note

While every seller hopes to get the full value for their private mortgage note, the reality is often different. It’s rare to receive a 100-percent valuation for your note. This discrepancy arises because the buyer will incur various expenses during the acquisition process. These costs can include a title search, a drive-by property appraisal, and the final closing costs. Given these deductions, it becomes even more critical for sellers to obtain multiple quotes for their mortgage note. By doing so, you can ensure you’re maximizing the potential sale value.

Proof of Payments Enhances Your Note’s Value

For a buyer or investor, the primary concern is the reliability and profitability of the note they’re considering. They’re not looking to inherit problems or uncertainties. As a seller, you can alleviate these concerns by providing proof of consistent payments. Demonstrating a history of timely payments can significantly enhance the perceived value of your private mortgage note. It not only assures the buyer of the note’s reliability but also can lead to a more favorable sale price.

The Final Word

Selling a private mortgage note is a significant financial decision. By understanding the intricacies involved and being prepared with the right information, you can ensure a smoother transaction and a more favorable outcome. If you’re considering selling your private mortgage note or need guidance on the process, consulting with an experienced real estate attorney, like Stephen K. Hachey, can be invaluable.

 

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