Skip to main content
Sheryl Ann Edwards
Avvo
Pro

Sheryl Edwards’s Answers

219 total


  • Can I file a Motion to Cancel and Reschedule a Foreclosure Sale?

    I agreed with the lenders counsel to a Consent Judgment with the understanding that during the next 90 days the servicer would still work with me on my modification. Sign the judgment was signed the servicer will not speak with me. I am approved f...

    Sheryl’s Answer

    You should have a Motion to Cancel the Foreclosure Sale filed immediately. It is improper under the terms of the Attorney General Settlement for a mortgage servicer to proceed with a mortgage foreclosure while an application for mortgage modification is pending. You should consult with an experienced real estate attorney in your area to assist you in this regard.

    See question 
  • Where do I stand after I bought a lien on a property from the association then a first holder forecloses?

    The association foreclosed for failure to pay fees. I could not find a first lien holder/mtg but tried to contact the previous mtg holder without success. I purchased the title and repaired the home and made it my primary residence. The first l...

    Sheryl’s Answer

    Unfortunately, the first lienholder has priority and can complete its foreclosure and take ownership of the property at the foreclosure sale. The first mortgagee does not need to pay you or any of the other holders of subordinate interests a dime. However, at the foreclosure sale, the property will be sold to the highest bidder. Although that is most often the plaintiff/lender, you should consider bidding to purchase the property at foreclosure sale.

    However, as you have experienced, purchasing property at a foreclosure sale is very tricky. You should consult with an experienced foreclosure attorney before purchasing any property at foreclosure sale.

    See question 
  • Upside Down Rental Property Options

    I have a rental property in FL that I'm aprox 70K upside down on and I'm considering just walking away as I'm also coming out of pocket about 600 a month to maintain it. The issue is I have never missed a payment and my bank wont even talk to me a...

    Sheryl’s Answer

    Many property owners such as yourself have disposed of underwater real estate through a short sale. Doing nothing and simply walking away is almost never the best option. You should consult with an attorney experienced in assisting homeowners in negotiating a short sale to get legal advice tailored to your specific situation.

    See question 
  • What will be the bank's recourse against the homeowner after foreclosure dismissed?

    In a recent case in Miami Dade Co., US Bank vs Peninsula Condominium Assoc., the court found for the condo assoc. finding that the bank failed to foreclose the property within the five year period after the notice of acceleration to the homeowner,...

    Sheryl’s Answer

    In Florida, an action to collect on a promissory note and an action to foreclosure a mortgage must be filed within 5 years after the mortgage debt was accelerated by the lender. In the case you reference, the court found that the foreclosure action was filed after the expiration of this 5 year period. Thus, the note and mortgage are no longer enforceable.

    I am uncertain of the recourse between against servicer by the lender for the servicer's failure to file an action to enforce the note and mortgage before the expiration of the 5 year statute of limitations period. And, I am not really sure I care.

    See question 
  • Foreclosure Defense Assistance needed.

    I have been to Legal aid, they do not have resources to assist me. I have been to the Florida Bar, and they do not have a referral service for Pro Bono foreclosure attorneys. Anyone have any other advice.

    Sheryl’s Answer

    There are a number of attorneys throughout the state of Florida who handle foreclosure defense on a contingency basis - meaning that they do not get paid unless they are successful in having the foreclosure action dismissed and having the lender pay their attorney's fees. You should call some attorneys in your area and ask if they handle mortgage foreclosure on a contingency basis.

    See question 
  • Should I file for quiet title or leave things alone for as long as possible?

    My husband and I are unemployed ... We haven't had a steady income since 2008 which is when I stopped making payments on my mortgage. The bank tried to foreclose on us but the case was dismissed for no action, they did refile but since 2011 there...

    Sheryl’s Answer

    While there is a statute of limitations of 5 years for the filing of mortgage foreclosure action, there is currently an active foreclosure action pending. If the pending action is dismissed, the statute of limitations defense may apply to you if there is a future attempt to foreclosure on the mortgage or collect on the note. However, with the pending action, the 5 year limitations period does not currently apply.

    See question 
  • Have rental home in FC process. We were never served. Now has Affidavit of Avoidance filed. What happens now?

    In Lee Cty, FL. Had FC filed on SFH rental 6/12/2008. Lender lost mtg documents, so we objected & asked bank to provide original doc's. On 11/9/09 court ordered dismissed for lack of prosecution. Lender filed new FC 2/22/2013. They still do n...

    Sheryl’s Answer

    The documents that were filed are evidence of actions that the lender took when they could not find you to personally serve you with the summons and complaint. If done properly, in the eyes of the court, you have been served. The worst thing you can do is nothing. You need to hire an attorney experienced in foreclosure law to help defend your mortgage foreclosure action.

    See question 
  • Can the new loan service company foreclose my homestead even if the statute of limitation has expired?

    In 11/05/2007 the bank filed a complaint to foreclose my homestead In 04/20/2011 the bank filed a voluntary dismissal without prejudice after a long litigation. No further action was taken by the bank after that. In 06/01/2013 I received a...

    Sheryl’s Answer

    The Statute of LImitations period for filing an action to collect on a promissory note and for mortgage foreclosure is 5 years from the date of acceleration. The date of acceleration may be a date 30 days after a notice of default is sent to a borrower by the servicer, but also may be the date of the filing of the foreclosure complaint. However, as Ms. Golant has indicated, the event that triggers the running of the Statute of LImitations varies from case to case. You would be wise to obtain legal counsel to assist you in developing a strategy to deal with the new servicer who is calling you.

    See question 
  • When a bank goes thru with foreclosure, when and who pays the past due real estate taxes and condo fees?

    Current sales contract for comml condo in forelosure is right at banks inflated payoff but not enough to pay past due real estate tax and condo fees. Bank won't budge and seems to want foreclosure rather than shave $5-7,000. From bank payoff ...

    Sheryl’s Answer

    In order for you to have the bank waive any amounts from its payoff, you are going to need to apply for a short sale. That can be a long process.

    The taxes are typically paid on an annual basis by the servicer, even if you have not been making your monthly payments to the lender. If they have not been paying them and the foreclosure is completed with the lender owning the property after the foreclosure sale, the bank will need to pay them before they sell the unit. Condo fees are capped at 1% of the original loan balance or 12 months of past due condo fees, which ever is less.

    See question 
  • I have just found out a LIs Pendens has been filed on my house. What does that mean? and how much time do I have to save my home

    We are 15 months behind on our mortgage but feel we will have all the back payments within the next 2 months to give to our lender. They do not accept partial payments and denied us for a modification. They did tell me we could stop further action...

    Sheryl’s Answer

    If you intend to reinstate your mortgage, do not pay the lender any money until you have received a written reinstatement figure. Do not trust what the lender or servicer is verbally telling you. If you make only a partial payment, they will likely accept your money and continue with the foreclosure.

    I stronly caution you not to go about this process without the assistance of an attorney experienced in foreclosure law who practices in your area. Good luck.

    See question