Is There A Statute Of Limitations On Mortgage Loans Left Over After A Foreclosure?
Video Summary
Is there a statute of limitations on mortgage loans left over after a foreclosure? The answer is yes. The Floyd legislature changed law several years ago that said that the lender must file an action for a deficiency judgment within one year of the date of the foreclosure sale. So therefore they have one year in which to bring an action for this deficiency judgment. If they got a judgment several years ago before the statute, this may not be applicable. If you have questions, email me at q@rdwaller.com or on social media, it’s #wallerlegal, or call me at 727-847-2288.
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What Is Foreclosure?
Video Summary
Foreclosure. Foreclosure is the legal process or the lawsuit that is filed to enforce a mortgage or lien by the lender or the person holding the lien who is owed money. It is an action to take away or to repossess the property upon which the lien is against. This results in what they call a judicial sale, which means that the property can be sold. If you have a lien or a note and mortgage which the person has failed to pay you, and that you would like to have it foreclosed, you can give me a call at 727-847-2288.
Also, if you have any questions that you would like to pose, if you go to q@rdwaller.com, send me any questions and we’ll be glad to respond to them. On Facebook, if you go to #wallerlegal, those posts, they will be responded to. We would be delighted to provide you more information about foreclosure. Again, give me a call at 727-847-2288.
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Are There Alternatives To Foreclosure?
Video Summary
Are there any alternatives to foreclosure? The answer is yes. You can sell the property and pay off the mortgage, which is if the mortgage is more than what the property is worth, that’s called a short sale. Another method of doing this is to give a deed back to the lender. This is called a deed in lieu of foreclosure. These are primary ways of avoiding a foreclosure, alternative to foreclosures, and it’s recommended by if you’re a lender, a private lender, and you wish to take back the property is to try and work out something with the borrower wherein they would convey the property back to you with the deed in lieu of foreclosure.
If you have any questions, email me at Q@RDWaller.com about this topic or any topic. On social media, it’s #WallerLegal. Or give me a call at 727-847-2288.
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Lunch With A Lawyer – Nov 14, 2017
Video Summary
Morning, welcome to Lunch With A Lawyer. Today’s topic is: What is a lady bird deed? A lady bird deed is a deed whereby a person conveys their property to a third party whom they wish to receive it after their death. The person who’s conveying it reserves the right to control the property during their lifetime, and also the right to sell it, retain all the proceeds. They’re not responsible to the person who they conveyed it to for any damage or insurance proceeds, or anything such as that. It is a deed designed to avoid probate as far as conveying real property, much like a payable on death bank account is concerned.
The word lady bird, this document was developed by an author and put into an elder law practice manual. He then gave these names to the various documents after famous people. This deed was named after Lady Bird Johnson, and is now widely known as a lady bird deed. This lawyer or any number of lawyers will call it an enhanced life estate deed, which is a little hard to explain exactly what that is. In essence, this deed is designed to leave the person who is signing the deed in complete control of their property during their lifetime. However, if they still own the property at their death, the property would automatically pass to whomever they designated under the will, which is an estate planning tool that I use readily for estate planning purposes to plan estates so that there is no probate proceeding involved.
If you have any questions about that, you can email me at q@rdwaller.com. That’s q@rdwaller.com, or on social media, #wallerlegal. I’ll be pleased to any inquiry. Or you can give me a call at 727-847-2288.
To bring you up to date on where we are with Lunch With A Lawyer, the idea is to make ourselves available and let people know that we would be pleased to answer their questions about topics as far as probate, estate planning, and real estate so they could call and I could try and answer them over the phone, or, if they needed a lawyer, that they would engage my services as far as that’s concerned. The new format that we’re going to do to accomplish that is with these videos, if you have any question, rather than having to watch this video either now or later, you can simply send your questions to q@rdwaller.com. You can email it to q@rdwaller.com. Or, for social media, #wallerlegal. That’s #wallerlegal for social media about any of the videos or Lunch With A Lawyer topics. I look forward to receiving your questions. I’m always available if you give me a call at 727-847-2288. Thanks.
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Can I Fire My Title Company After I Have A Sales Contract With Them?
Video Summary
Can I fire my title company after I have a sales contract with them? Well, are there any reasons to fire your title company? Well, yes there are. If they’re not performing or they tell you that you can’t solve particular problems, so that you do have the ability to do that. The title company is usually controlled by the contract, or whenever you sell your property it says the buyer can select the title agent, or it says the seller can select. In the Tampa Bay/Pasco County/Pinellas Hillsborough area, almost all contracts provide that the seller will select and pay for the title insurance. That gives you the ability to do that.
Many realtors also have a title company which the broker has some interest or they partner with someone, so many times they just simply take care of it for the seller and don’t confer with the seller as to what title company they wish to use, and the title company proceeds with it. You do have a choice as to whom you would like to select. Furthermore, if you’re not pleased with or you’re having problems with them, there’s no problem with discharging them. Usually in the title industry, they don’t try and charge for the work that they have done. Then you can select whatever title company you would like.
If you’re listing your home, you may wish to choose your real estate attorney or someone else to write the title insurance and be your title agent so you have someone available and if so, you simply need to let the realtor know whenever you sign the listing agreement who you’d like to close the transaction. Or, once you signed your contract, you need to tell them that you would like, in the Pasco County area say, “Well, I’d like to have Roland Waller take care of my title insurance, and that I understand that he’s an attorney, sits at the table and closes the deal, and doesn’t charge an additional attorney fee.” That’s something that you can do. You can select, you can discharge your title agent and rehire another one.
The reasons why you would fire or discharge your title agent is because they’re not performing or they are insisting that there’s a title problem, that they want you to pay a lien that you don’t believe that you should or you can pay, so you may need to confer with a different title agent or an attorney title agent such as myself to see if I can solve the problems. If so, then I can serve as the title agent, although if there are title problems, there may be an additional charge for attorney fees to resolve any title issues and you can move the title order.
Whenever you’re refinancing, many times the lender will say, “Well, could I see your title policy that you had whenever you purchased the property?” The reason for that is, is that you can give them the owner’s policy when you purchase the property. You can get what they call a reissue credit or a discount on your title insurance. You can tell whatever lender you select whom you would like to do your title work. If you tell your lender, “Well, I’d like to have Roland Waller be my title agent,” and give them my information, well then, I would be pleased to handle the refinance for you, so you can select that and the lender should use whoever you select, since you will be paying for it. If I’ve closed a deal previously, I can see about finding your prior policy and give you a reissue credit as far as refinancing’s concerned.
If you’re getting ready to sell your house, well, tell you realtor that you’d like to have my office handle the title insurance, and we’ll be glad to quote you the fees, which I think are competitive with any title company, and you get the bonus of having me either at the closing table, or certainly reviewing the matter ahead of time. If you’re with a lender, you can also ask them use my office as far as refinancing the property. If you are refinancing, well, I look forward to hearing from you. My phone number is 727-847-2288.
- Published in Real Estate – Selling, Videos