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Sheryl Ann Edwards
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Sheryl Edwards’s Answers

219 total


  • What is the length that a bank can pursue a deficiency judgement for a short sale in Florida?

    I had a quick question about the statue of limitations in Florida on when a creditor can pursue a deficiency judgment for short sales. Prior to 2013, it was 5 years, however I read recently that a statute (from last year) changed this to 1 year be...

    Sheryl’s Answer

    In Florida, the statute of limitations for a breach of contract is 5 years from the date of breach. The non-payment on a promissory note is a type of breach of contract where the 5 year limitations period would apply.

    In July 2013, the Florida Legislature shortened the period of time for a lender's filing of an action for deficiency judgment after the completion of a mortgage foreclosure action. Pursuant to Section 95.11(5)(h), an action to enforce a deficiency judgment must be brought within 1 year after the certificate of title is issued or within 1 year after the mortgagee accepts a deed in lieu of foreclosure.

    Unfortunately, the Legislature did not include deficiencies after short sales in the shortened limitations period. Therefore, under the current law, the lender would have 5 years from the date of the completion of a short sale to bring an action to enforce the unsatisfied balance on the promissory note (assuming that you did not negotiate for a waiver of deficiency during the short sale).

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  • Served with a "notice of lis pendens by Wells Fargo who is seeking to re-establish my mortgage. What does that mean?

    My original mortgage, Premium Capital Funding, was not recorded with Seminole County Clerk of the Courts. The documents were lost somewhere. Wells Fargo took over my mortgage. Can they foreclose with out the proper documents?

    Sheryl’s Answer

    It sounds like the original promissory note has been lost - a lost mortgage is not typically a problem in a mortgage foreclosure because the original would have been recorded in the public records.

    If the current Plaintiff can account for the lost note, the note can still be enforced. However, that is often difficult for a foreclosure Plaintiff to do.

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  • Didn't respond to lawsuit by deadline & now have notice of non-jury trial date, can I still present my side at trial if I attend

    My mortgage lender verbally approved me for a Deed-in-Lieu-of-Foreclosure along with a "Cash for Keys Program" incentive. They also filed a foreclosure suit but assured me it was only a formality and wouldn't come to pass; hence I did not respon...

    Sheryl’s Answer

    Typically, an offer for a deed-in-lieu of foreclosure is contingent upon a title search and the lender's acceptance of title to the property. When the title search revealed a defect in the legal description, it likely rescinded its deed-in-lieu offer.

    There are many ways to resolve this issue and potentially revive your deed-in-lieu transaction. You should consult with a real estate attorney who practices title insurance law and performs real estate transactions to have this issue resolved ASAP, before your trial date.

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  • How do we handle a homestead without probate.

    My mother in law passed in Feb. Her only asset was her homestead which my husband and I resided in with her. She did not have a will and his siblings are willing to sign over their rights to the house. Does it have to go through probate and what ...

    Sheryl’s Answer

    To transfer title to the home, assuming that the home was titled only in your deceased mother in law's name, you will need to record a copy of the death certificate (without the cause of death showing on the certificate), and will need to file a petition to determine homestead - this is a relatively simple procedure and should not be costly. If she was not survived by a spouse or minor children, the home will be owned by all of her children. If your husband's brothers and sisters are willing to sign over their rights, they can do so. You should consult with a experienced probate attorney in your area to assist you to be sure the matter is handled properly.

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  • Is the 5 year statue of limitations applicable to this condo? If so, need to hire an ATTY for quiet title action

    Owner had 1 mortgage from deutsch bank from 6/2006. Lis pendens filed 7/2008. Then a case dismissal order from court for this judgement 1/15/2010 w/o prejudice. Then bank filed a voluntary dismissal and, release of lis pendens in 2/15/2010 also w/...

    Sheryl’s Answer

    Whether the enforcement of this loan is barred by the 5 year statute of limitations is a very fact specific inquiry. From the facts you have included in your question, it is very possible that the SOL defense would be successful. However, the law is still developing in this area and is still uncertain.

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

    This property is currently in probate and the heirs want to sell when probate is completed. The heirs have never lived in the property. Property is free and clear. Both heirs live out of state.

    Sheryl’s Answer

    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.

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  • A fraudulent quit claim deed was filed in Miami dade county Fl on a property I own with my 2 brothers, what do I do

    It was only filed with 2 of the 3 names on 3/6/14, filed police report, what else to do

    Sheryl’s Answer

    A quitclaim deed, even though it may have been fraudulently executed, creates a cloud on the title to your property, assuming that the quick claim deed was properly executed with the proper formalities. In order to remove the cloud on title, you will need to file a quiet title action.

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  • How do I get my name off of a mortgage.

    My boyfriend and I purchased a house together and broke up. He is in the house and I'm fine with him keeping it, I just want no affiliation with it.

    Sheryl’s Answer

    Generally speaking, if a person is an owner of the property, he or she would be required to sign the mortgage at the time the loan is made. An owner of the property will not necessarily be required to sign the promissory note, which is the promise to pay the borrowed money back. If you signed the note, you will need to have the loan paid off through a refinance or sale in order to have "no affiliation" with it.

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  • Can CitiMortgage and their rep lawyers firm hold us hostage, holding up the sale by holding the final payoff info???? help me

    At present there are no leans on the property and sale was to take place no later than 3/31/2014 but we are waiting...CitiMortgage and Gladstone law firm will not cooperate with each other...all request for final pay off has been made by myself. C...

    Sheryl’s Answer

    Under the new amendments to the Dodd-Frank Act, a servicer must issue a loan payoff within 7 days from its receipt of a request for one. You need to seek legal counsel in your area to protect your property.

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