What are the Steps in the Foreclosure Process?
Video Summary
Like any other lawsuit, a foreclosure begins with a summons. The party who was served has 20 days to respond to the summons. Attached to the summons is a complaint stating that you have failed to make payments in accord with the terms of your mortgage, and a Lis Pendens, notice of pending action that has been filed.
If you do not respond to the complaint, you will receive a notice of default, and the allegations against you are presumed to have been admitted. After several pleadings, a Motion for Summary Judgment will be filed stating that all the facts are undisputed. The court then sets a hearing with a judge. When a Summary Final Judgment for Foreclosure has been entered, a sale date is set for the property (roughly 30-45 days later). Your property will be sold in an auction for a cash sale. The mortgage holder can bid as much as the amount owed.
Approximately 14 days later, a certificate of title is issued to the purchaser. At this point, the purchaser has the right to request a Writ of Possession which is served on anyone residing in the property. This allows 24 hours to vacate the property, after which the Sheriff can remove the old tenants from the property.
Currently it takes about 1 year to foreclose a mortgage. Some may be pending for 18 months, 2 years, or more depending on the parties involved. If you are in danger of foreclosure, Waller & Mitchell would be happy to provide guidance and will likely be able to extend the length of the foreclosure for you. Please give us a call at (727) 847-2288.
- Published in Real Estate - Foreclosure, Videos
What is the Difference Between a Note and a Mortgage?
Video Summary
A Promissory Note is like an IOU — it establishes a debt and the terms of payment. Failure to pay on the note can result in being sued for financial assets.
A mortgage creates a lein against a piece of real estate. Failure to meet the terms of the mortgage leads to foreclosure, which determines the amount of debt owed and leads to sale of the property in question.
A significant difference is that failure to pay on the note can lead to seizure of your assets, whereas foreclosure on a mortgage cannot.
- Published in Real Estate, Videos
What Assets Are Protected from Creditors When I Pass Away?
Video Summary
Hi. I’m Chip Waller. Many people are concerned about what assets are protected from the creditors when they pass away. The primary asset that the creditors cannot reach is your home. Many times your home is your most valuable asset. Given this present economic recession and real estate bust, the value of your home has gone down substantially, and if there’s a mortgage on it, there may not be any equity, but that is an asset that is protected, and the creditors cannot reach the home if you leave it to your children or your grandchildren or relatives.
If you leave your house to your relatives, it doesn’t matter how much credit card debt or judgments or any other debt that you may have; they will not attach to the home, and it will be passed to your heirs. If you leave it to a non-heir, then it can be reached by your creditors, and it’s called your homestead, and it’s protected under the Florida constitution.
If you’re interested in seeing about having your estate plan prepared either through a trust or a will, we can further discuss what assets are protected from creditors. Please give me a call at (727) 847-2288. Thank you.
What is a Quitclaim Deed?
Video Summary
A Quitclaim Deed is a form of conveyance whereby the person is transferring whatever interest they have in a property with no warranties. They do not state or warrant that they have any interest in the property. To give an example, I could sign a quitclaim deed for your house, although I have no ownership in it, and give it to a third party. I’m not stating that I have any ownership interest in your house, therefore I would be conveying no title in the property and would have no liability to transfer the deed to someone else, other than clouding the title, which could become a problem for you.
On the other hand, if I gave you a quitclaim deed to property that I own, I would be conveying marketable title or clear title to the property, or whatever interest I may have, whether it be subject to a mortgage or not.
So a Quitclaim Deed is simply a form of conveyance or a deed that says I convey whatever interest I may have in the property to you, whether it be no interest or a good title to the property. If you’re interested in us handling your real estate transactions or preparing deeds for you, give us a call at (727) 847-2288.
- Published in Real Estate, Videos