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Richard Paul Zaretsky

Richard Zaretsky’s Answers

586 total

  • How to avoid non-occupant co-borrower on home title?

    I am purchasing a house using my father as a non-occupant co-borrower on a conventional mortgage loan. For multiple reasons (to his benefit & mine) I do not want him on the title to the home. Ideally, I would like to have the home titled using an ...

    Richard’s Answer

    Actually no one can answer the question except your lender. The lenders have certain restrictions on how mortgaged property can be owned. If they do not approve of your ownership mechanism, then they won't make the loan.

    Start with the different ways the lender will accept your and your father's ownership of the title first and then work from there to see if it works for you.

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  • As DC has the TOPA act, do we have anything alike here in FL? The house I am living in is going up for foreclosure.

    Mom lived in this house as a life estate from her second husband. She has dementia and has been living since elsewhere with 24h care. The house is to be foreclosed on. I have been living here for over 10 years but unfortunately as my name is not o...

    Richard’s Answer

    Run to an attorney in your area to arrange for a resolution of the foreclosure suit. If the house is about to be sold - do it immediately. If there is no sale date yet set, you have some breathing room.

    As the other attorney noted, anyone -even a stranger - can pay off the mortgage.

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  • 2012 foreclosure complaint, If a complaint says Plaintiff is owner and holder of note, should note be special endorsed to lender

    2012 foreclosure complaint, If a complaint says Plaintiff is owner and holder of note, should note be endorsed special endorsed to Plaintiff ?And does owner and holder mean you have the original note ?

    Richard’s Answer

    The note does not need a "special" endorsement. A blank endorsement by the original holder is sufficient. The owner owns the note and the holder "holds" (has possession) of the note.

    There are also provisions if the owner has lost the note, but your question does not raise that issue.

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  • I have a condo in Hollywood fl. After I bought it I added my girlfriend to the deed. Now I need to get her name off the title?

    She is willing to take her name off the deed for $2500 but she lives in South Carolina. I would like to do this in a couple weeks. How do I do this? And is there a less expensive way of doing this by force since she has not lived here in 4 years? ...

    Richard’s Answer

    I don't have good news for you. This is more expensive than you thought.

    Because of the transfer, and now the new transfer, the Florida Department of Revenue is going to want its documentary stamp tax paid on this transfer. This is because the transfer involves an encumbered property (the mortgage) and her not being on the note or mortgage makes no difference.

    The statute that governs this is Fla Stat 201.02(1)(a). You can also Google this case which explains the position of the Florida Department of Revenue: Department of Revenue v PMR Resorts, Inc., 868 So.2d 621.

    Who pays the tax is the purchaser - that's you.

    You did not mention the amount of the mortgage, but presume you should calculate the tax based on one-half of the amount of the mortgage or one-half of the value of the property - whichever is more. See the link below.

    The logistics of getting the deed timely is of minor significance - she lives in South Carolina - not Antarctica.

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  • Contract/agreements

    If an individual breaches an agreement by making false accusations, what are the options left to the other party since the general release is so tight thorough and cohesive. I have a criminal defense attorney at this time so his area is focusing ...

    Richard’s Answer

    Well from your question I can clearly tell you that most attorneys that answer this are going to have no idea what you are talking about.

    Is this an accusation and allegation of criminal conduct?

    Is this a breach of a contract matter - the contract being the Release?

    Is this an unrelated matter relating to a contract that you or they breached and you settled?

    Try to be more specific on your question and ask it again or add a comment.

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  • What is a 'quiet title' action? How do I perform a 'quiet title' action?

    My mom Quit Claim her home to me before she passed away. My local property appraiser web site has me listed as the owner, but I am not sure if I am listed as the only owner on the title. The mortgage company did a name change on the existing loan,...

    Richard’s Answer

    Quiet Title actions come in a variety of forms and you need to speak to an attorney to determine what type of action is necessary - or even if one if necessary at all.

    What you may have is a slander of title or some reformation issues.

    What you need to do is get a real title search that finds all the issues with the property going back to when your mother acquire the property - or even earlier. Then bring that to an attorney familiar with quiet title actions to get his or her opinion as to what your rights and options may be.

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  • How long can I realistic postpone the foreclosure in palm beach county?

    Let's assume everything is filed properly. Let's also assume I have a knowledgable attorney. How much time on average do I have from the day I am served until a sale date is set in Palm beach county? I know the back log has been lessened but I als...

    Richard’s Answer

    Technically, a foreclosure can be finished in about 100 days assuming there is no resistance by the defendant. However there are scheduling backlogs with the court system and taking those into consideration, you can figure double that time.

    Should there be meritorious defenses, then that timeline can be expanded further. Remember I said meritorious. Plenty of attorneys will bring in delay tactics but those won't be based on meritorious defenses but rather discovery and other time consuming tasks directed to the lender before they can get to the finish line of the foreclosure judgment. Then in every case there is the issue of when the sale will occur. Typical timelines available for the asking beyond the minimum 30 days are 60, 90 and even 120 days. So you add this all up and you "could" end up at the 1 to 2 year mark, although I would favor 6 months to 14 months as the likely outcome.

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  • Does a Plaintiff have to respond to an objection to foreclosure sale in writing before the hearing , or just go to hearing?

    Does a Plaintiff have to respond to an objection to foreclosure sale in writing before the hearing , or just go to hearing? Plaintiff foreclosing on Defendant .

    Richard’s Answer

    There is no requirement that your response to the foreclosure complaint needs to be addressed by the Plaintiff unless you asserted certain affirmative defenses.

    I am not sure what your "objection" was - but since there was no response likely the objection does not raise issues that would validly stop the foreclosure - such as payment.

    You need to have an attorney review the pleadings and determine if you have valid objections / defenses to the action, as well as advise you of other alternatives.

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  • Can my 83 yr old mother be sued for canceling the sale of her condo?

    She gets very confused and did not know what she was signing. She did not contact any family and said the realtor pressured her to sign. When I found out and called the realtorI was told it was a done deal and she has to be out Oct 28th. She has n...

    Richard’s Answer

    Your mother has a problem. A contract is a contract unless it can be shown that the party was either (a) induced to sign the contract by fraud or deceit or undue influence; or (b) that the party signing the contract was incapacitated or incompetent so that she could not have understood what she was doing.

    Contact an attorney familiar with contract litigation (not necessarily a real estate attorney) immediately.

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  • Our (Florida) HOA filed a lien for nonpayment of dues. If their bank forecloses do we lose the ability to collect?

    Have heard that if their bank forecloses, our lien won't mean anything, and the HOA won't be able to collect. Is this true?

    Richard’s Answer

    I am going to assume you mean can the HOA continue to collect its assessments if the owner's bank forecloses. The answer is "Yes". But it requires an explanation.

    The HOA lien may or may not be superior to the mortgage. It may depend on whether the mortgage is a first or second mortgage and also if the mortgage is with an institutional lender or if it is a private person who made the loan. A look at the HOA Declaration documents is necessary.

    Assuming that the HOA lien is not superior to the mortgage, but for the "safe harbor" aspect of the amount the HOA can receive from the lender if the lender is the buyer at its foreclosure sale, the HOA can get its money several ways.
    1. from the buyer at the foreclosure sale if the buyer is not the bank that is foreclosing.
    2. from any excess or surplus from the foreclosure sale, if any
    3. from the last owner - who will still remain personally liable for payment of the unpaid amounts even though he no longer owns the home.

    Also it is possible that the HOA could have its foreclosure of its own lien before the lender foreclosure - in that event it is very possible some buyer at the public auction will bid at that sale and the HOA will be paid on full from that sale - but the buyer will still have to deal with the lender. Unbelievably some people do this.

    So there are plenty of options. Have the HOA attorney explain it all to your board.

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