Condo owned by mother and son (jtwros). Mother (84) and son (63) are non US residents. Condo is paid off. Purchased in early 80s for $180K, in 2004 father passed away and it was transferred to mother and son, taxes paid at that time. Current value...
The best way to register ownership of real property is very fact specific and depends on several considerations that are too complicated to assess in just few words or paragraphs. The determination in your case looks like it should be made by an attorney who specializes in international tax who will work with your real estate attorney. You should consult with someone who specializes in this area of law - any amount that you spend on attorneys fees now will be money well spent when the property is either sold or is transferred due to the death of one of the owners.See question
I purchased a home through first mortgage foreclosure and was issued a CET. After the CET was issued, title search came clean. What evidence is sufficient for section 9c, TITLE EVIDENCE AND INSURANCE? The wording is this: "Seller shall f...
I believe that the language you are focusing on is the following: "Seller shall furnish a copy of a prior owner's policy of title insurance or other evidence of title . . . " You probably do not have an owner's policy of title insurance (unless you purchased title insurance after the purchase at foreclosure sale) so your evidence of title is the certificate of title you were issued by the Clerk. This document acts just like a deed would to evidence your ownership of the property. The rest of that paragraph simply provides language as to who is responsible for what expenses in your upcoming sale transaction.See question
In light of the recent twisting of the Statute of Limitations by the 5th District Court of Appeals in favor of the banks I am surprised at the relatively low roar coming from the 'foreclosure activists' and attorneys who blog about the injustice o...
Trust me - the Bartram and Evergrene decisions are no small matter to the foreclosure defense bar. Since an acceleration of mortgage is an acceleration of the maturity date, it is widely believed that a mortgage cannot be un-accelerated simply because the lender dismissed it's case or lost at trial.
Regardless, there is no guarantee that the Florida Supreme Court will hear the case and if it does, it will likely be at least a year before a decision is published.See question
In 2007 my condo went into foreclosure. I bought it in 2005 and tried to sell it in 2006 for a small profit, however found that the title was never recorded properly in my name. The title company was unresponsive and out of business now, however...
Those of us who represent borrowers in foreclosure actions believe that the court in Bartram did not understand the nature of an acceleration of a mortgage. Although we are hopeful that the Florida Supreme Court will agree to revisit this issue in the near future, the holding of Bartram (as well as other cases decided since Bartram) currently permits a lender to file a second and third and fourth action for foreclosure (or as many tries it takes then to finally get it right) without regard for the 5 year statute of limitations. If the bank files another action for foreclosure, you will want to hire experienced foreclosure defense counsel to assist you in asserting your defenses to the action.See question
If an entity wants to pursue a deficiency claim in the case of a short sale, does the notice need to be received before the statute of limitations date, or only postmarked before the date?
In 2014, the Florida Legislature enacted legislation to lessen the period of time that a lender could pursue a deficiency judgment after foreclosure to a period of 1 year after the foreclosure sale. Previously, a lender had a full 5 year period to pursue a deficiency after the completion of the foreclosure.
At the time that the Florida Legislature was working on the legislation that shortened the statute of limitations period to pursue a deficiency, it was working on a separate bill that would have shortened the period of time to pursue a deficiency after a short sale to 1 year. Unfortunately, the provision shortening the period for a lender to pursue a deficiency did not pass.
As a result, there is currently no statutory provision dealing with the limitations period for a lender to pursue a deficiency after a short sale. Therefore, it is widely believed that the general 5 year statute of limitations period for a breach of contract applies to short sales. However, when that 5 year period will begin will vary from case to case.
Any action for a deficiency must be filed with the clerk of court before the applicable limitations period has elapsed.See question
They say we must sign a 1099-C for them to proceed with their offer, but cannot answer this question. They say that the mortgage company will grant a full waiver, but we need to know if the government will come after us down the road.
When a lender issues you a 1099-C, you do not receive a bill from the government for the tax due, if any, on the debt you have been excused from repaying. You have an obligation to report all taxable income to the IRS by filing a tax return. The information provided on the 1099-C is part of the information that must be provided to the IRS. There may be an exemption that would apply to make the amount of debt you have been excused from repaying not taxable as income. You should consult with your accountant to see if any of those exemptions apply to you.See question
i have more assests and i am going to lost everything
Bankruptcy is definitely not your only option. Unsecured debt is difficult to collect in the state of Florida. You need to consult with an attorney in your area who can advise you on ways to protect your remaining assets.See question
Wife is concerned about liabilities about being on the Deed/Tilte. We're trying to make the offer however her signature/intials are holding everything up. I am trying to purchase the home for my son and my wife is concerned this can be a problem...
You may own property separately from your wife and she may own property separately from you. If you are purchasing a property for your son, your wife does not need to be a co-owner of the property. However, if you are financing the purchase, your lender may require your wife to sign the note and mortgage and to be a co-owner of the property if her credit, income or other financial resources are necessary to qualify for the loan.
Good luck with your purchase!See question
I am divorced. I got a QC deed on home at time of divorce. I I reside in the home. I am solely responsible for all expenses including the mortgage that both our names are on. I have put it on the market to sell. In the divorce decree he is not en...
If your divorce is final and the quit claim deed was properly executed, contained no errors and was properly recorded, your husband will not need to sign any documents for you to sell your former marital home. Good luck!See question
The county has new building restrictions which radically limit building on dune lake lots. Our original one story restriction now makes building a decent home almost impossible. The object of the restrictions was to keep up the quality of the subd...
You will need to record an amendment to the deed restrictions (often called a Declaration of Covenants and Conditions). The amendment will need to be signed by a number of the owners of the lots - how many is typically stated in the deed restrictions themselves. If the lots or units have a mortgage, the mortgage holder will also need to sign the amendment to be bound by the amendment. This is a pretty tricky process that has very technical requirements. You should retain a real estate attorney to handle the amendment for you. Good luck!See question