If You are Renting a Home while in Chapter 13 Bankruptcy, Can You Get it Out of your Name if the Bank has not Foreclosed Yet?
Even if you’ve filed bankruptcy and moved out of your home, your name remains on the property title. Moreover, mortgage liens are generally not discharged in a chapter 13 bankruptcy. Unfortunately, you will remain the owner of record until your lender forecloses or you take the necessary steps to re ...
If you Received a 1099-C from your Mortgage Company, do you Still Owe for a Deficiency Judgment?
A lender files a 1099-C with the IRS when they release the debtor from liability or otherwise waive a borrower’s deficiency judgment. If you received a 1099-C from your mortgage company, then you should not owe a deficiency judgment on the corresponding debt. But when it comes to Florida foreclosure ...
Time Limits on the Foreclosure Process
Going through the foreclosure process is an extremely stressful situation. Nevertheless, banks have a reputation of dragging the process out. How long is an “unreasonable” amount of time, according to the state of Florida? Unfortunately, a common belief is that many Florida courts are unkind to borr ...
HOA Fees After A Foreclosure Sale
“Do I still owe HOA fees after my foreclosure sale?” It seems like owing fees after ownership has been transferred would be grossly unethical, if not illegal, but is this the case? The short answer is “yes”. However, this answer deserves a more detailed explanation. HOA Fees and Foreclosure Eve ...
Is "Phantom Income" Taxable if the Property was Homesteaded by the Owner?
Updated: 6/3/23 Understanding Phantom Income Phantom income, in the context of real estate, refers to income that is deemed to have been received but has not resulted in any actual cash inflow. This often arises in situations involving debt forgiveness. For instance, if a homeowner owes $200,000 ...
The HAFA Program Ends on Dec 31, 2013. What Does that Mean for Homeowners?
The Home Affordable Foreclosure Alternatives (HAFA) Program was enacted as part of the Homeowner Affordability and Stability Plan (HASP) in 2009 as a reaction to the subprime mortgage crisis and subsequent economic slowdown. The HAFA program offers borrowers options of short sales or deeds in lieu t ...
When a Property Owner of a Foreclosed House has Roommates, are there Rights the Same as there Roomates/Tenants?
It is an unfortunate reality that many individuals have had to go into foreclosure as a result of the economic downturn. Some people have been successful at paying down their mortgage by renting out extra rooms to increase cashflow. However, sometimes it is not enough and the property still goes int ...
Is There a Statute of Limitations on a Foreclosure After Discharge of Mortgage in Bankruptcy?
In Florida, the statute of limitations on any action by a creditor to collect a debt is five years from the date of default or acceleration. This means that if the statute of limitations expires, your lender cannot initiate a foreclosure action. However, it's important to note that the lien, which i ...
Your Rights if the Bank Tries to Kick you out of a Foreclosed Home that you are Currently Leasing
Prior to the passage of the Protecting Tenants at Foreclosure Act in 2009, tenants’ rights were superseded by the “successor in interest,” that is, the new owner of the property. The act was passed to prevent tenants from being blindsided with removal notices that left them little to no time to secu ...
Will you be Held Responsible for a Debt from the Foreclosure of Your Previous Home if You didn't Sign the Promissory Note?
Foreclosures are complex processes that involve multiple parties, legal procedures, and financial transactions. Mortgage companies often aim to resolve these situations as quickly as possible, which can lead to errors and oversights. Understanding the foreclosure process and your rights within it is ...
