Sheryl Ann Edwards’s Answers

Sheryl Ann Edwards

Sarasota Real Estate Attorney.

Contributor Level 12
  1. What is the law regarding 30 day notice of default on a mortgage. Must 30 days be given prior to filing a foreclosure?

    Answered almost 2 years ago.

    1. Sheryl Ann Edwards
    2. Robert Jason De Groot
    2 lawyer answers

    There is no law regarding the timing of a default notice prior to a lender's filing of an action for foreclosure. However, most residential mortgages contain a provision that requires the lender to give you 30 days to cure your default. The notice must also state the amount you must pay in order to cure the default. In most residential mortgages, the notice requirement is stated in paragraph 22.

    3 lawyers agreed with this answer

  2. I currently have an offer on my homestead property which will cover my first mortage fully and pay a small amount towards my

    Answered about 2 years ago.

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

    Generally speaking, the second mortgage holder can sue you for the entire unpaid balance on the second mortgage note. However, depending on who your second mortgage holder is, you may be able to negotiate a complete release of the lien and the deficiency and bring finality to your liability under the second mortgage. It will be important that you consult with a real estate attorney experienced in negotiating short sale approvals. Be sure that your second mortgage holder approves the short...

    3 lawyers agreed with this answer

  3. What's the difference between a Deed-in-Lieu and a Foreclosure regarding my credit score and my ability to purchase a new home?

    Answered about 2 years ago.

    1. Margery Ellen Golant
    2. Sheryl Ann Edwards
    3. Kristopher Robert Reilly
    4. Stephen Andrew Mosca
    4 lawyer answers

    The long term effect on a person's credit score caused by a short sale, deed in lieu of foreclosure or entry of foreclosure judgment varies by individual based upon what your credit score was previously and your other credit experience - whether you are current on your other obligations. However, based upon what we are hearing from our clients who have disposed of underwater property in each of those circumstances, a deed in lieu and short sale have roughly the same negative effect with the...

    3 lawyers agreed with this answer

  4. HOA not named as defendant in a Foreclosure Case

    Answered about 2 years ago.

    1. Sheryl Ann Edwards
    2. Dorota J. Trzeciecka
    3. Barbara Billiot Stage
    4. Margery Ellen Golant
    4 lawyer answers

    The most important fact in your brief scenario is the fact that the HOA was not named as a defendant. Therefore, by statute, the lender is not entitled to the "safe harbor" provisions limiting the lender's liability to the lesser of 12 months of HOA assessments or 1% of the principal balance and the lender has unlimited liabilty for past due assessments.

    3 lawyers agreed with this answer

  5. How to get out of a second house we paid too much for in florida

    Answered about 2 years ago.

    1. David Harris Rosenberg
    2. Sheryl Ann Edwards
    3. Barbara Billiot Stage
    3 lawyer answers

    I agree with Mr. Rosenberg's response that often a short sale is the most attractive way to dispose of underwater real estate. However, there is a difference between obtaining the lender's approval to sell the property and the lender's willingness to waive any deficiency between the sale price and the amount you owe. While each lender or servicer handles short sale negotiations very differently, they will all look at the reason for your request - did you experience a financial hardship that...

    3 lawyers agreed with this answer

  6. If a property is foreclosed on is the debt still owed?

    Answered over 2 years ago.

    1. Marshall C Deason Jr.
    2. Sheryl Ann Edwards
    3. Margery Ellen Golant
    4. David Howard Abrams
    4 lawyer answers

    When a lender accepts a deed in lieu of foreclosure, unless the lender agrees to waive its right to pursue a deficiency, it may still attempt to collect any deficiency against the borrower. Typically, the actual deed signed by the borrower in a deed in lieu of foreclosure situation contains language on the waiver of deficiency. Also, sometimes the lender will record a satisfaction of mortgage after it accepts a deed in lieu of foreclosure - you should check that satisfaction to see if it...

    3 lawyers agreed with this answer

  7. How can i clear a judgement that resulted from a foreclosure 8 years ago?

    Answered over 2 years ago.

    1. Sheryl Ann Edwards
    2. L. Maxwell Taylor
    2 lawyer answers

    You can never have a judgment "cleared" - it is a public record that will remain in the official records forever. It sounds like the lender obtained a foreclosure judgment - or a judgment in rem to obtain ownership of the property (as opposed to a personal judgment against you for a deficiency). In Florida, a lender has 5 years from the entry of a final judgment of foreclosure to pursue a deficiency judgment against a borrower. Since you indicated that the foreclosure judgment was entered...

    3 lawyers agreed with this answer

  8. I am considering selling a rental property to someone Lease to own. At what point will I need an attorney?

    Answered over 2 years ago.

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

    You should have an attorney now - there are some very subtle points that need to be addressed in your lease purchase agreement.

    3 lawyers agreed with this answer

  9. Can I transfer my joint tenant with survivorship right interest on house to me and my daughter (as joint tenants)?

    Answered over 2 years ago.

    1. Sheryl Ann Edwards
    2. Evelyn Watts Cloninger
    2 lawyer answers

    You are experiencing one of the most significant problems caused by parents conveying an interest in their real property to a child. Unfortunately for you, once you transferred a portion of your ownership in the property as joint tenants with rights of survivorship to your son, you now need his agreement and cooperation to add another child as another joint tenant. If you convey your remaining interest in the property to your daughter, you will terminate the joint tenancy and your son will...

    3 lawyers agreed with this answer

  10. Do I need a Foreclosure attorney if I just got served but plan to short sell?

    Answered over 2 years ago.

    1. Margery Ellen Golant
    2. Sheryl Ann Edwards
    3. Dorota J. Trzeciecka
    4. Royce Brent Bishop
    4 lawyer answers

    Yes - you should hire an attorney to respond to the foreclosure complaint. Just because you are working on a short sale doesn't mean that the lender will not continue to prosecute its foreclosure action. As was indicated by Ms. Golant in the prior answer, you should make sure that your short sale approval letter contains a waiver of deficiency. Insist on seeing a copy of the short sale approval letter and read it carefully to be sure you will not be responsible for the amount of the...

    3 lawyers agreed with this answer

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