Video Summary

I have no mortgage on my condo, but I own my homeowners association, $10,000, notice of sale has been issued. Will I lose my condo? The answer is yes, the property will be sold that judicial sale. And you will no longer own your condo. I suggest that you go about paying the homeowners association. So, you don’t lose that to get you a home equity loan, or some other kind of loan to pay that, to save your homeowner, save your condominium, or sell your condominium and obtain the equity. Since you have no mortgage on it, it would be a shame to lose all the equity in your home or your property as a result of not paying your homeowners assessments. But they do have a right to foreclose on a homeowner’s assessment lien, and that will be sold at judicial sale. You may receive some of the excess proceeds over the amount of the lien that is sold, but usually at a judicial sale, the property sells for well under what the market value is. If you have any questions concerning this, give me a call at (727) 847-2288.

Video Summary

We purchased a house in foreclosure. Do we need to send a 3 day notice for eviction? No, you do not. You need to file or retain an attorney and have them apply for a writ of possession, which is retained. The rights to have a writ of possession are retained by that the judge in conjunction with a mortgage foreclosures. And what that means is you don’t have to go through the eviction process depending on whether or not the owner of the property before it was foreclosed is still in possession. If so the, the application for writ of possession, should be granted. And an order authorizing the clerk to issue the right of possession should be entered right away, and you should be able to have the sheriff serve the writ of possession and have the person removed without going through an eviction action.
If however, the property was rented at the time of the foreclosure action,  whenever you make application or your attorney makes application for the writ of possession, the tenant is given. I believe it’s 30 days notice to an order to vacate, as far as that’s concerned, but you do need to retain an attorney to represent you in conjunction with this matter to have them removed. But an eviction action is not how you go about removing the occupant of the property that had been foreclosed. How many questions about this? Give me a call at (727) 847-2288.

Video Summary


What are the consequences of a home foreclosure? Well, the biggest impact it has is you lose your house. But, if you have found another location to live, well then we get past not having a place to live once they foreclose on your home.


It definitely impacts your credit, and every late payment makes your credit score go down. So, your credit will be impacted by the number of missed payments that you’ve had. The longer the foreclosure goes on, the more it impacts your credit score.


Also, once the foreclosure is concluded, the lender has one year from the date of the foreclosure sale date to bring an action to try and collect what they call a deficiency judgment. So, you would have to wait out another year to see whether or not the lender is going to come after you.


If the lender has forgiven, or agreed not to seek a deficiency judgment, or waived that, they may send you a 1099 and you may be liable for, have to pay taxes, on the property. However, if you owned the house for two out of the past five years, then you won’t have to recognize that gain.


Also, if you want to obtain a mortgage, you are going to have to wait two to four years after the foreclosure before you are going to be eligible to obtain a mortgage from a federally insured lending institution. That is sort of a laundry list of the impacts that mortgage foreclosure has on you if your home has foreclosed.



If you have any other questions or need someone to defend you in conjunction with a mortgage foreclosure action, give me a call at 7276-847-2288. Thank you.







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.





Video Summary


The property I rent is in foreclosure.  What are my options?

Well, until the foreclosure is completed, the person who is being foreclosed upon owns the property so you are obligated to continue to pay your landlord under the Landlord Tenant Act and under any kind of lease or rental arrangements.  So you would continue to pay them unless you receive a Pleading or Notice from the Court that says that you are to pay your rent into the Registry of the Court or to the bank’s attorney.

Also, there is an action that can be filed by a Homeowner’s Association or a Condominium Association that can require you to pay your rent to the Condominium or Homeowner’s Association if the owner is not paying the rent.

But because the property is in foreclosure does not excuse you from paying rent to your landlord.  If you do not pay the rent to the landlord, then he has a right to evict you.

So your options are pay your rent or you may be evicted from your property.


If you have any questions give me a call at 727-847-2288.