David A. Donet's Answers

Im a tenant and received a final judgment of foreclosure...now what?

The bank is not entitled to rent payments unless a number of things happen, which your question does not address. For instance, the bank has the right under most mortgages to ask the Court to appoint a Receiver (sort of an administrator) to "run" the property while it is in the court system during the foreclosure. Your question imples that this is not the case. Therefore, in that event, your landlord (the property owner) continues to own the property until the foreclosure auction in...

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Deed in lieu of Foreclosure or Foreclosure on a Mortgage with PMI

Hello! It's really up to your lender as to what it wants to do. There may be forces at play, such as location, that will have an impact on what your lender is willing to do because, if there are a lot of foreclosed homes in the area, it may be more interesting for the lender to want to try to get the property sooner rather than later to put it on the market. Deed-in-lieu might be viewed with favor in that scenario. But, even in that case, there could be other factors that the...

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Im a tenant.i recvd in mail for my landlord.what does final judgement of fore closure and reestablishing lost instrument mean?

It means that you need to look in the judgment for the date that the foreclosure sale will take place and assume that by that date you need to be out of the property. HOWEVER, you should (1) Send a copy of the judgment to your landlord IMMEDIATELY to make sure he/she/it received it as well. (2) Be aware of the state of the lawsuit, as that date may be delayed, as the sale may be postponed for a variety of reasons. (3) DO NT FAIL TO PAY THE RENT. Your landlord is entitled to collect the rent...

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Can the bank stop a foreclosure up until the day before the sale??

The abswer is YES! The question, however, is whether you or the person who was served already consulted with a local foreclosure defense attorney. I strongly urge you / them to find a local foreclosure defense lawyer and discuss the case at length with her /him. You will find that many attorneys are willing to provide a free initial consultation so that you / they can explain your / their situation and they will let you know at that time, not only their opinion and how to try to take...

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What are the consequences of a deed in lieu of foreclosure?

It's almost impoosible to add to Ms. Golant's very thorough answer to you. Therefore, allow me to just add to her wise advice to consult an attorney about this. Please do not make the mistake of doing this on your own. I am confident that you will find that many attorneys are willing to give you a free initial consultation. Best of luck to you! David David A. Donet, Esq. Miami, Florida

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How long does it take for the bank to take over a property that started the process of foreclosure?

I see that your post is from Miami, Florida, where I practice. In our office, we have been successful in keeping folks in their homes for many, many months by simply making the bank follow the law and the Court's Rules. But as Margery Ellen Golant, Esq. indicates in her answer, when people do nothing to defend themselves against the bank, they can lose their property in as little as 3 or 4 months. Regrettably, the statistics show that in Miami-Dade County, about 85% of the foreclosures...

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How can I remove my name from a final judgement of foreclosure if I didn't sign the note?

I agree with Dennis Michael Phillips, Esq.'s answer. Don't take the judgment (or the lawsuit) personally if you didn't sign the note. As you obviously are aware, the lender is naming you as a defendant in the lawsuit because you were married to your ex when he obtained the now defaulted mortgage and the bank required that you sign the mortgage because of Florida's very strong protecting of the homestead as mandated by the Florida Constitution. What I would suggest is that you keep an eye...

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If my home goes into foreclosure, can they take a new home that I buy?

I agree with both of my colleagues. However, I have to agree with Margery Ellen Golant as to the homestead issue. If the subsequent property that you purchase becomes your principal residence, then any deficiency judgment against you can't be collected from that property. In other words, it will not become a lien against that property as long as it remains your homestead without interruption. However, and here I agree with Lori I Barkus in that, if the property ever ceases to be your...

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Can I stop making payments based on this letter without being worried of legal action from the landlord?

I have never heard of the bank advising a tenant not to make further rent payments under the circumstances that you describe. Your landlord owns the property until he /she /it loses it at the foreclosure sale. The foreclosure judgment does not make the bank the owner of the property and it certainly does not give the bank the right tell you what to do regarding your rent payment. Now, let's be careful here! If you live in an apartment complex and the entire property is in foreclosure,...

Final Judgement of Foreclosure

I agree with both answers prior to mine but I agree wholeheartedly with the advice provided by Margery Ellen Golant, Esq. I gather from your question that you have not defended this foreclosure and that you do not have an attorney representing you. If you do, follow her / his advice. In my foreclosure defense practice we constantly see people showing up in court at the last minute to ask the judge for more time before the property is sold. While I agree that judges will often go out of...