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What is an assumption agreement? The assumption agreement is usually involved a real estate transaction, where the buyer is going to take over the mortgage payments of the seller. So, the buyer takes over the payments or assumes those payments and starts making the payments. Now, if you have an assumption agreement with the lender then you have to have all parties agree to that, that the buyer will make the payments. And the lender recognizes the buyer as the new borrower and the new borrower continue is the one that is liable for the loan. However, most lenders do not release the seller or the person who initially made the loan. So, they’ll hold both parties responsible. So, an assumption agreement is between the lender, the person who borrowed the money or the person that’s indebted and the person who’s taking over the loan payments. And that’s what the assumption agreement is. If you have any questions about it, give me a call at (727) 847-2288.

Video Summary

Are there any alternatives to foreclosure? Fortunately, yes. And these days and times, and that there’s been a hold put on foreclosures if it’s a federally insured loan. So the first matter that you may want to consider, if you’re going into foreclosure is to contact your lender and see about getting them mortgage modification, and they may be willing to work with you as far as modifying the mortgage, reducing your payments, taking your rearages and put them on a, as I say, the backend of the loan or, including them in the loan amount. In order to do that, you would of course, have to have a job and send them your financial information and your expenses. If that, if you’re an unable to get a modification, you might want to consider what they call a short sale that the mortgage is for more than what your property is worth. You can  sell the property and the lenders may take the net proceeds and, and satisfy the loan. Now the property is worth more than what the loan is. Well, then the solution of course, is just to sell the property, pay off the mortgage. And that way you don’t have to worry about a foreclosure action and you can sell your property any time prior to the property being sold at judicial sale. So just because they file a foreclosure action doesn’t mean that you can’t still sell your property. Another approach or another alternative to foreclosure is to do a deed and deed the property back to your lender. The lender must agree to do that. As far as that’s concerned is called a deed in lieu of foreclosure. If you’re also none of these work above and, and you want to work with your lender, in particularly if there’s a second mortgage, then you can work with your lender. As far as a stipulations concern that they take back the property. However they don’t seek a deficiency judgment, meaning if their property is worth less than the mortgage, they don’t try and sue you for the difference. So those are some of the alternatives to foreclosure. If you have any questions, you can give me a call at (727) 847-2288.

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What is a foreclosure rescue scam? This is when your house is in foreclosure and you are approached by a company that says, well, we will take care of this for you. We will take care of making the payments and get your mortgage paid off. We need for you to go ahead and sign a contract, agreeing to transfer the property to us, or in fact, even filing to have the deed transferred to this rescue company. What they then do is they don’t do anything. As far as the lender’s concerned, they try and find someone to purchase a property for an amount in excess of whatever is owed to the lender. And then if they find that will then you have lost your equity, any equity in the property, and they are entitled to. They keep the money. They may even have you sign a deed, which they hold an escrow, but the scam is they don’t do anything.
They don’t file anything in the court proceeding. They don’t pay the lender anything. And so you’re sitting there thinking that they’ve rescued you from this foreclosure action. And meanwhile, the foreclosure action just continues to roll along and you lose the property in a foreclosure action and your credit is damaged and that there is a foreclosure action. So be aware when someone comes in and offers to rescue you from this foreclosure action, you should contact an attorney about whatever the action is and have that reviewed before you agree to it. And talk to the lawyer about what your rights are and how you can resolve the foreclosure action, either through a, a deed in lieu of foreclosure or an agreement to a short sale, or a stipulation to judgment and a waiver of deficiency. So there’s any number of other alternatives, but be aware of someone that’s going to save you from a foreclosure action. If you have any questions, give me a call at (727) 847-2288.

What is a Secured Transaction?

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What is a secure transaction? A secured transaction is one where you have an obligation, which is usually a promissory note. And there is a pledge of collateral that goes secures  the note so that if the note is not paid, then the lender has a right to take back the collateral. So, the obligation is secured by what the collateral is and a real estate transaction. You have the bar or sign the note, and then they also sign a mortgage. And the mortgage states that if they don’t make the payments on the promissory note, they don’t pay the taxes or keep the property insured. Then you have a right if they default to foreclose and take their property away. So, you’re secured for the value of whatever the collateral is. If it is personal property, such as an automobile, they have, you signed what they call a security agreement.
And that’s where you’re pledging the automobile for the repayment of the loan. If you default on the loan and there that controlled by the uniform commercial code, which allows them self-help, which is usually a repossession of your automobile with a tow truck driver or whatever. And then they sell the, automobile at auction or whatever, to try and recoup as much as they can to repay a portion of the debt. So, sometimes the obligations are over secured in which case you’re entitled to any excess. If the collateral is not worth or not worth what is owed well, then you may be sued. And for the difference between the value of the collateral when it was sold or at the time of the sale, and how much is owed and a judgment entered against you. If you have any questions about a foreclosure action, or give me a call at (727) 847-2288.

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May a lender perform an interior inspection of the property if they have concerns about the property condition? The answer to that is no, they can not. Unless the loan is in default, the mortgages don’t allow them to do an interior inspection due to the condition. They only have a right to, they can do a drive by, there is an exception. However, in the residential mortgages, in the event, the property is vacant. They have a right to conserve the property and scene and whenever there’s a foreclosure and the property is vacant, they send contractors out that, hang a notice on the door, that where they’ve gone and secured the property and they’ll enter the interior of the house. There’s been certain abuses of that, when it’s in foreclosure, it’s a tough situation. If they have abused that privilege, if you’re occupying the home or occupying the property, then they’re not going to be able to enter the property while you’re there. So they don’t have a right to do the interior inspection on residential property. If it’s a commercial loan there, you might have look at the terms of the mortgage, but generally if the mortgage is current, they don’t have a right to come in and inspect the interior of the unit. So, if you have any questions about this, give me a call at (727) 847-2288.