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Sheryl Ann Edwards
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Sheryl Edwards’s Answers

221 total


  • How do I get the bank to report a zero balance to credit bureau's on an old mortgage?

    Bank took property back in F/C then sold to another buyer, however the bank continues to report that there is a past due amount to the credit bureau's and also another agency brought a deficiency against me. They have also reported the past due a...

    Sheryl’s Answer

    In your inquiry, you indicated that the "bank took property back in foreclosure" which I am interpreting to mean that the bank obtained a final judgment of foreclosure and was the prevailing bidder at the foreclosure sale. Unfortunately, although the bank completed its foreclosure and you lost the property, you remained obligated to repay any amount of deficiency between the fair market value of the property on the date of the foreclosure sale and the amount due stated on the final judgment. If the lender finished its foreclosure after July 1, 2013, it has a 1 year period to file an action for deficiency judgment to collect the difference from you. If that 1 year period has run, you may be able to use this argument to have the lender stop reporting the unpaid debt going forward. Good luck!

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  • My mothers uncle had a Will with my mom as a heir/ beneficiary along with his brother in law. My mom and uncle are both dead.

    My moms aunt has passed away recently and the only person on the Will alive is my moms aunts brother. Does my moms half of the Will go to me since my mom is dead? I also have a uncle. My moms brother. We are the only family that is left on my moms...

    Sheryl’s Answer

    If there is a will that names your mom as a beneficiary and she predeceased her aunt, you would inherit your mom's share only if the will provides that the distribution to your mom is "per stirpes". If the will provides that the distribution to your mom is "per capita", you will not inherit your deceased mom's share.

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  • Can lenders force heirs to pay balance of mortgage loan for home left in will.

    my mom passed away and left my sister and I a home. the home has since been put in forclosure and the lawyers are trying to make my sister and I repay the loan my mom agreed on because we her heirs. Is this legal and if not how can I fight it

    Sheryl’s Answer

    When your Mom signed the documents for the loan, she signed a note (which was the promise to pay the money back) and a mortgage (a lien placed against the property that would be enforced if the money was not paid back). In any instance, only the person who signed the note is obligated to pay the money back. Since you did not sign the note, you cannot be forced to pay the money back.

    However, if nobody is making payments, the lender has the right to enforce its mortgage through foreclosure, regardless of who owns the property. Thus, if the property was transferred to you and your sister, you own the property subject to the existing mortgage.

    If the house is worth less than the mortgage, there is a possibility that the lender will seek to collect any deficiency balance from your mother's estate. If the house has any equity, it would be wise for you to either refinance the property to satisfy the existing loan or to sell the property and save the equity in the property.

    You should consult with an attorney experienced in probate matters, preferably one with experience in foreclosure.

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  • Does Fannie Mae have the right to unilaterally terminate a contract, as a seller, due to their inability to secure HOA estoppel?

    We have a contract to purchase a foreclosed Fannie Mae property. The closing agent is not able to secure the estoppel certificate from the HOA attorney. We communicated to the listing real estate agent that we are willing to extend the closing dat...

    Sheryl’s Answer

    It sounds like there is a large unpaid obligation to the Association that Fannie Mae has not paid and does not want to pay at closing. In a standard purchase and sale transaction, a seller would be obligated to pay all past due Association dues and close the transaction. However, Fannie Mae typically attaches a very long addendum that modifies the standard contract in many ways (most of which are not beneficial to the buyer). You should check the terms of the Fannie Mae addendum to the contract for any special terms that would permit the seller to cancel the contract without penalty.

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  • (In Florida) Husband died. Wife is on deed to house. Wife is not on mortgage. What happens?

    House held as "husband and wife", wife not on mortgage. What happens to the mortgage? House is way under water and stepchildren (of husband) are executors of his estate. Will bank pursue husband's estate for balance on mortgage? Can the bank p...

    Sheryl’s Answer

    In your questions, I think you meant to say that the surviving spouse is an owner of the property but did not sign the promissory note and is not obligated for repayment of the debt. If she is on the deed, she signed the mortgage but all that means is that the bank can take the property through foreclosure but cannot pursue her for any shortfall or deficiency. Under Florida homestead law, the wife would be the owner of the property. And if there are assets in the deceased husband's estate, the bank can pursue the estate for the shortfall.

    To avoid an action being filed against the estate, the surviving spouse may want to attempt a short sale or offer a deed in lieu of foreclosure to the lender. You should consult with an attorney in your area that is experienced in dealing with short sales where one of the owners has passed away.

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  • Is probate necessary for an estate worth about $25,000?

    Hi. With joint ownership of a bank checking account, will the bank freeze the account upon submitting a death certificate of one of the two owners? How long can I wait to submit the death certificate? With only $25000 in the account, and no oth...

    Sheryl’s Answer

    A common misconception about the administration of an estate after a decedent's death is that all assets of the decedent are subject to probate. However, that is not the case. Any property that the decedent owned as joint tenants with rights of survivorship is not subject to probate because the asset legally transfers to the surviving joint owner upon the death of the decedent. Mechanically, the ownership transfer is evidenced once the surviving joint owner provides a copy of the death certificate to the bank.

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  • Do I need to probate my late husband's will if we have no debts, jointly own our house, and have joint bank accounts?

    My husband just passed away and searching through our papers I had this simple question!

    Sheryl’s Answer

    Probate is a court process which involves collecting a decedent's assets, notifying creditors, paying liabilities, and distributing the remaining assets to heirs. Typically, property (whether that be real property or personal property - like bank accounts or personal belongings) that is owned as Joint Tenants with Rights of Survivorship is not a probate asset where the court's supervision is required to transfer assets of the decedent. In a situation where there is only jointly owned property and the decedent did not have any debts, a probate proceeding would probably not be necessary. However, you should consult with an attorney to obtain legal advice directed to your specific situation.

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  • Would I have to pay Doc Stamps( taxes ) if I wanna register the title of my property back to me?

    The balance on my mortgage is aproximately $176,k. The Condo association took over of the title for over 2 years, since I had a debt with them, but is already paid off and they decided to give me the title back. I went to have the quit c...

    Sheryl’s Answer

    Yes - the general rule is that documentary stamp taxes are due on any transfer of real property in the amount of consideration given for the transfer. In the case of a transfer where the beneficial interest does not change, documentary stamp taxes are due to the extent of the amount of any mortgage liens recorded against the property.

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  • Is there anyone who is actually litigating a Dyck and O'Neal Lawsuit?

    I have been served with a lawsuit from them...and I am having a hard time finding an attorney who is actually experienced with these deficiency cases...located in Melbourne. ..but willing to drive anywhere for the experience!

    Sheryl’s Answer

    Dyck O'Neal purchased a number of loans from Fannie Mae and is attempting to collect on the post-foreclosure deficiency balances. The Dyck O'Neal cases have lots of problems. Any lawyer in your area who has been working in foreclosure defense over the last several years should be able to assist you in defending the case. Good luck.

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  • Statute of Limitations on Deficiency from Foreclosure My question involves a mortgage in the state of: Florida

    July 2007 = Stopped sending my mortgage payment and I received a NOTICE OF DEFAULT AND ACCELERATION. 2008 = Got served with foreclosure package 2009= summary final judgment for foreclosure. 2010= order dismissing fro plantiff’s non a...

    Sheryl’s Answer

    The issue of the statute of limitations in mortgage foreclosure is very much in flux in the state of Florida. There are 2 recent appellate decisions in Florida that indicate that each missed payment gives rise to a new cause of action and therefore, the statute of limitations may not begin to run until the maturity date on the recorded mortgage - which is typically 30 years from the date the mortgage was signed by the borrower. One of the appellate courts certified this issue to the Florida Supreme Court - which is essentially a request for the Supreme Court to rule on the issue. The Supreme Court has not yet indicated whether it will consider the issue. Therefore, until it does, you would be wise to hire an attorney in your area to defend your mortgage foreclosure action. If the Supreme Court decides the issue in favor of homeowners (meaning that it will rule that the Statute of Limitations is calculated from the filing of the first mortgage foreclosure action), the ruling will not benefit you if a foreclosure judgment is entered against you before that happens. Good luck!

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