How Long Can You Remain in a Foreclosed Home After It Has Gone to Auction?
Video Summary
How long can you remain in your home after the property has been foreclosed and has gone to auction? Well after it is auctioned off, the clerk will issue a certificate of sale and approximately 10 to 14 days after the property has been sold they should be issuing a certificate of title. If you are the owner of the property, they then can apply to the court for a writ of possession. In years past, the courts depending on which particular court it is or judge, they have issued an order direct from the clerk to issue a writ of possession, so I would have in the past told you have about 10 days to 14 days before you would need to move out because once a writ of possession is issued you only have 24 hours.
However, that depends a lot on the lender and if they wish to take possession right away. In the past, we have seen lenders contact the owner and have a realtor contact them about when they are going to move out and work with people as far as vacating and leaving the property in good condition. There used to be even some assistance where they would give cash for keys in order for the person to leave and not damage the property. Lately we have seen whenever we have foreclosed and request the court enter an order directing a writ of possession to be entered, the courts telling us in Pasco County, Florida that we have to set our motion for hearing, which is out probably six weeks.
Unfortunately, I cannot give you a hard and fast rule but it is safe to say that you have a minimum of 10 days after the foreclosure sale to be able to stay in your home or stay on the property. If you are a tenant, the Federal Obama Law has sunsetted and there is no longer a federal law that allows you to remain in the property after the property has been sold at auction on a foreclosure sale. However, I believe there is now a state statute and I am not sure the effective date that may give you some relief to be able to stay in there if you were a tenant of the property. So unfortunately I have not given you a definitive answer but you do have a minimum of 10 days.
If you have any questions or need representation in conjunction with the matter, give me a call at 727-847-2288.
- Published in Real Estate - Foreclosure, Videos
What Can Be Done If My Agent Under My Power of Attorney is Misusing Funds?
Video Summary
What can be done if my agent under my power of attorney is misusing my funds? The first thing you need to do is contact your attorney or an attorney immediately and rescind and revoke your power of attorney. Secondly, if you are over the age of 50 or 55 you should contact the Elder Abuse Line and ask the sheriff department to investigate this matter as far as crimes against the elderly as far as them misusing your funds. So the immediate response or as soon as you find out about this you need to revoke the power of attorney so that they can no longer use it, notify your bank and that way they will no longer be able to use it.
If you put someone on your account as a joint tenant, that is going to be problematic. I suggest that you remove all the money from the account and open up another account just in your name so that they do not have access to it. That is of course problematic if you are getting your monthly social security checks and pension checks in this particular account, but that is a step in the right direction and then notify Social Security and these other agencies to send the money to the new account that the joint tenant does not have access to so that they cannot misuse your funds.
If you have any questions or need any assistance, give me a call at 727-847-2288.
- Published in Estate Planning, Videos
Can Family Members Have Me Removed from Late Parents Will?
Video Summary
Can family members have me removed from the Will of my late parents? No, they cannot. Once someone passes away the Will cannot be changed. The only time a Will can be changed is while someone is alive and they can always have a last Will and they can choose who they wish to leave matters to. There are various challenges that can be made to Wills, which can divest you or eliminate you as a beneficiary if the Will was procured by undue influence or the testator, that’s the person making the Will, was not competent. That is a Will contest and if you were a beneficiary under the Will that was procured by undue influence or the person was not competent, well then you could possibly lose your inheritance.
But just because they want to remove you as a beneficiary under the Will they cannot do that unilaterally. There has to be some legal basis as to why you would not inherit. Along the problems that we are seeing, as far as trusts are concerned, the trust is not published and if someone is appointed as a trustee under your parents trust and they passed away, the trustee has the power to distribute the property to whomever they want and cut you out because you do not know what is in the trust, which is a real problem, particularly when you come see an attorney to ask him to do something about it and you do not have a copy of the trust so you do not know whether you are included or not.
If you have any questions about that, about your Will or trust and you being a beneficiary, well give me a call at 727-847-2288.
Ask Jaleh: Using Long-Term Care Insurance in Planning for Incapacity.
Video Summary
Using long-term care insurance and planning for incapacity. Long-term care insurance, available through private salesmen or through union and employment sources can be an essential planning consideration in advance of incapacity. There are three main types of coverage available in long-term care insurance – home healthcare insurance, assisted living care insurance and skilled nursing care insurance. The cost of medically necessary skilled intermediate and custodial care nursing, home residency will be covered if policy considerations are met. This may be crucial to affording care if you are not eligible for Medicaid as the average cost of skilled nursing care, currently in New Port Richey, Florida, is approximately $7,000.00 per month.
In-home care – the cost of a doctor prescribed home healthcare aide furnished by a home healthcare agency will be covered if policy conditions are met in the right circumstances. This may be crucial to some, as without coverage, the average cost of a home healthcare aide in New Port Richey, Florida is approximately $100.00 per day.
Assisted living care insurance – the cost of assisted living care insurance are increasingly covered by modern policies. Some policies are equating assisted living care coverage with home healthcare coverage for insurance policies and either one of them will be covered under the benefits of your policy if you have home healthcare insurance. The average cost of the assisted living care facility for a monthly basis in New Port Richey, Florida currently is approximately $2,000.00 per month.
There are some considerations that you need to make prior to purchasing long-term care insurance. The younger the purchaser, the less expensive the policy premium is going to be. For the desired coverage, it is recommended that a person at age 75 would pay approximately $5,000.00 to $6,000.00 per year in premiums for long-term care insurance. Additionally, another benefit is a tax deduction that you may make when you file your income taxes. The tax deduction that you may make would need to be for an itemized tax return for long-term care insurance, but the premium must be at least or more than seven percent (7%) of your adjusted gross income.
Also, very few companies will write policies for people who are over the age of 82 years old. To be very honest, most insurance companies won’t write them at all. That’s why it’s very important to take these considerations into your estate planning when you’re at age 70 and older. As you get older, as I stated it’s increasingly difficult to get this sort of insurance coverage.
Most important to consider in planning for long-term care insurance is the quality of your insurer. Dealing with the fly-by-night insurance company may save you costs in the interim, but it will surely mean more grief when the time is come to collect the benefits that you crucially need at that time. Most important to consider is the stability of the company, it’s management skills, it’s payment history, and the investor practices of the specific company.
These are the most important evaluations to consider with long-term care insurance. If you have any questions or need assistance in involving incapacity of your loved one, please give me a call here at Waller and Mitchell at 727-847-2288.
- Published in Medicaid Planning, Videos