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 about 2 years 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 over 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 about 3 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 almost 3 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. Does Fannie Mae have the right to unilaterally terminate a contract, as a seller, due to their inability to secure HOA estoppel?

    Answered 4 months ago.

    1. Sheryl Ann Edwards
    2. Nestor B. Gorfinkel
    3. Carol Anne Johnson
    4. Barbara Billiot Stage
    5. Leighton Jefferson Hyde
    5 lawyer answers

    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...

    5 lawyers agreed with this answer

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

    Answered 7 months ago.

    1. Mark Russell Lewis
    2. Sheryl Ann Edwards
    3. Jacqueline Alicia Salcines
    4. Harley Herman
    4 lawyer answers

    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.

    5 lawyers agreed with this answer

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

    Answered over 1 year 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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  8. Foreclosure

    Answered almost 3 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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  9. What is the best action to take if my house is going into foreclosure?

    Answered about 3 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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  10. I have been sharing a house with the owner for 3 years, and she died this week. I need legal advice on what my legal position is

    Answered 2 months ago.

    1. Sheryl Ann Edwards
    2. James M. Weaver
    3. Steven M Zelinger
    3 lawyer answers

    Unless you had a written agreement or a lease with the deceased owner, the heirs named in the will can have you removed through an ejectment action, which is like an eviction action.

    5 lawyers agreed with this answer

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