Sheryl Ann Edwards’s Answers

Sheryl Ann Edwards

Sarasota Real Estate Attorney.

Contributor Level 12
  1. Can I be taxed on income on a 1099-C for a Deficiency from a Foreclosure if the property was included in my bankruptcy?

    Answered over 1 year ago.

    1. Margery Ellen Golant
    2. Monique Eileen L'Italien
    3. Sheryl Ann Edwards
    4. Michael Avanesian
    5. Matthew Scott Berkus
    5 lawyer answers

    The amount shown on your 1099-C should be addressed on your tax return using IRS Form 982. Using that form, you will inform the IRS that the amount shown on the 1099-C is not taxable to you as income. This form is also used is you are informing the IRS that forgiven debt is not taxable under the insolvency exemption or the primary residence exemption (Mortgage Forgiveness Debt Relief Act). For more information, visit my website addressing this topic. http://www.foreclosurelawyersarasotafl....

    6 lawyers agreed with this answer

  2. My house was discharged in my chapter 7 bankruptcy. Will the foreclosure that follows be also reported on my credit report.

    Answered almost 2 years ago.

    1. Sheryl Ann Edwards
    2. Jeffrey B. Lampert
    3. Dorothy G Bunce
    3 lawyer answers

    Many people fail to realize that they continue to own a home after filing a petition for Chapter 7 bankruptcy and receiving a discharge. If the Trustee abandons the property - which they will likely do if the property is underwater, you continue to be the owner of the property which continues to have a mortgage lien. However, you no longer are personally obligated on the promissory note as a result of the discharge. If your home is in a Subdivision with a Homeowner's Association, you will...

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  3. Can my boyfriend be on the title of the house but not on the mortgage loan?

    Answered over 2 years ago.

    1. Sheryl Ann Edwards
    2. Marshall C Deason Jr.
    2 lawyer answers

    Maybe - depending on the requirements of the lender. It is not a general requirement that all owners or purchasers of a particular piece of property also be obligated on the promissory note (or the IOU). If both of you become owners of the property, both of you will need to sign on mortgage (which is the lien against the property). If you are not married and are purchasing property with a significant other, I VERY STRONGLY SUGGEST that you have an agreement drawn up before you buy the...

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  4. Facing Foreclosure

    Answered about 2 years ago.

    1. Sheryl Ann Edwards
    2. Christopher J Roberts
    3. Margery Ellen Golant
    4. Christopher Todd Marks
    4 lawyer answers

    Until the property is sold at foreclosure sale the lender can still work out a settlement with you. If you start contacting them now, you may be able to have the lender cancel the hearing on the motion for summary judgment. Good luck!

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  5. BOA - Deed in Lieu?. Signed agreement & moved out as of August 1, 2013 yet the bank has "Not" changed the property name

    Answered 9 months ago.

    1. Sheryl Ann Edwards
    2. Scott William Fitzpatrick
    3. Robert J Adams Jr.
    4. Tarah Eve Seabre
    4 lawyer answers

    As you are experiencing, Bank servicers are often not the speediest in taking back property, even when it is in their best interest to do so. You are correct that the HOA and water bills continue to accrue to a property that continues to be titled in your name. I suggest that you call the servicer daily to bring attention to your transaction. The squeaky wheel often gets the most grease! Good luck!

    5 lawyers agreed with this answer

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  6. Foreclosure

    Answered about 2 years ago.

    1. Sheryl Ann Edwards
    2. Dennis Andrew Chen
    3. Robert Jason De Groot
    3 lawyer answers

    Typically, when a process server seeks to serve a defendant with a summons and complaint for foreclosure, they will need to effect individual service by handing the pleadings directly to the person they are trying to serve, or will need to effect substitute service by serving someone at the defendant's "usual place of abode" who is 15 years of age or older. Service of a complaint and summons for foreclosure is not effected simply by leaving the pleadings at the door. However, if a process...

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  7. What is the best action to take if my house is going into foreclosure?

    Answered over 2 years ago.

    1. Sheryl Ann Edwards
    2. Margery Ellen Golant
    3. Wendy Anne Mara
    4. Jayson O. Myers
    5. Chae A. Dupont
    5 lawyer answers

    The loan modification program is intended to lower a borrower's monthly payments and allow the borrower to stay in the house. The monthly payments are based upon 31% of your gross monthly income. If you were made an offer for a loan modification, the lender or servicer determined that you had a hardship and that you had sufficient income under the 31% test to make the reduced payments. If you are looking to escape your underwater mortgage, a loan modification will not help you. You can file...

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  8. Is a home seller in Florida under the same disclosure requirements if they have never lived in the property?

    Answered 4 months ago.

    1. Sheryl Ann Edwards
    2. Lawrence Jay Davis
    3. Will Murphy
    3 lawyer answers

    Under Florida law, a seller has a duty to disclose all facts KNOWN TO THE SELLER that are not readily observable by the Buyer that materially affect the value if the property. As as heir (who is now the seller) you would have a duty to disclose what you know. However, if you never occupied the property and do not have any information regarding the property, you have nothing to disclose.

    5 lawyers agreed with this answer

  9. CAn I purchase a home and leave it to my children when I die and not my 2nd Husband who lives with me

    Answered over 2 years ago.

    1. Sheryl Ann Edwards
    2. Marshall C Deason Jr.
    2 lawyer answers

    For purposes of this answer, I am assuming that your proposed home purchase in Florida will be in your name only and that you intend to make the Florida property your primary residence. I will also assume that your children are not minors and that your Florida will names your adult children as beneficiaries to receive the homestead property. In Florida, if you are the sole owner of a home that is your homestead, upon your death, your spouse will have a life estate in the property - meaning...

    5 lawyers agreed with this answer

  10. What is the statue of limitations on a foreclosure action in Florida if you have not made a payment in 5 years?

    Answered 11 months ago.

    1. Sheryl Ann Edwards
    2. Pamela Thea Higer Polani
    3. Margery Ellen Golant
    4. Jacqueline Alicia Salcines
    4 lawyer answers

    I agree with Attorney Polani - in your case, if the acceleration of the debt occurred with the filing of the first complaint in April 2008, the 5 year statute of limitations would not have run by the filing of the second complaint in September 2012. However, if you are successful in having the second action dismissed without leave for the Plaintiff to file an amended complaint, a defense to any third action that is filed would be that the claim would be barred by the SOL. It sounds like you...

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