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Prior to the passage of the Protecting Tenants at Foreclosure Act in 2009, tenants’ rights were superseded by the “successor in interest,” that is, the new owner of the property.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 ...
When a Property Owner of a Foreclosed House has Roommates, are Their Rights the Same as the Owners?
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 ...
Can You Lose Your Deposit on a Residential Lease on a Foreclosed Property?
The current real estate climate, with owners becoming tenants and banks becoming landlords, can be rife with complicated situations and shifting loyalties. It can be extremely difficult to find out what your rights are. If you were leasing a property that was subsequently foreclosed, your obligation ...
How Much Notice is Required to Remove a Month-to-Month Tenant if a Landlord Sells the Rental Property?
The dynamics between tenants and landlords can be intricate, especially when properties change hands. In Florida, the regulations surrounding eviction notices for month-to-month tenants when a landlord sells the property are specific. The short answer is a notice of 15 days. That said, there are imp ...
Are HOA Legal Fees Directly Chargeable to the Owner Fighting a Foreclosure in Florida?
According to Florida law, HOAs are entitled to any late fees, interest accrued and even attorney fees incurred as a result of past due assessments whether or not the association filed a foreclosure suit against you. If your lender forecloses on your home or condo, they can declare your associatio ...
Can You Lose Your IRA if You Are in Foreclosure in the State of Florida?
A deficiency judgment occurs when a foreclosed home sells for less than the balance owed on the mortgage loan; in the state of Florida, your lender has the legal right to file suit against you in order to garnish your financial assets and recover the difference. If you are facing foreclosure, you ma ...
Should I File for Bankruptcy if a Mortgage Insurance Company Sends me a Deficiency Letter After my Home Was Foreclosed?
After a foreclosure, you may be surprised to find that the nightmare is far from over, but if your mortgage lender is unable to recover their entire loan balance after a foreclosure sale, you’re still very much along for the ride. A deficiency occurs when a mortgage lending institution is unable ...
