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Sheryl Ann Edwards
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Sheryl Edwards’s Answers

219 total


  • How can I help realtor get house closed quickly?

    Purchasing a foreclosure, all cash. Bank accepted offer within 2 days and requested closing in 2 weeks. I got everything prepared and 2 days before closing bank postponed it one day. Then, postponed another day. Then, postponed due to needing a n...

    Sheryl’s Answer

    You should be careful what you wish for. It sounds like there is a problem with the amount owed to the Association. If the Bank does not work it out with the Association, it is possible that you will be responsible for some or all of the disputed amount. If you are not represented by a real estate attorney, you should consult with one to review the title commitment, perform a title search, review the Association estoppel letter and determine what the issue is that is causing the delay.

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  • Real estate legality question

    I went to my home closing today; my loan officer and the underwriter apparently had a miss communication and they now have to rewrite the loan which is pushing the closing back to Monday of next week. The seller of the property is upset and is now...

    Sheryl’s Answer

    You should make your lender pay for the $1,000 you are being required to pay for their "miscommunication". Maybe this will cause them to communicate better?

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  • Real Estate closing question

    We are about to close on a house in Port Saint Lucie. The seller wants to buy the furnishings in the home but he wants to give us the money the day of closing. If we close on the house and he doesn't have the money are we able to get our furnitu...

    Sheryl’s Answer

    A skilled real estate attorney can assist you with closing one transaction contingent upon the other. Why haven't you hired a real estate attorney to close your transaction? The cost is typically the same as closing with a non-attorney title company?

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  • Note VS Mortgage and Subsequent Payment Responsibility

    A Lis Pendes has been filed on a property to which I am recorded as a Joint tenancy owner. While understanding a foreclosure/bankruptcy attorney may be necessary, I am curious as to my financial liability given the following: I am not named, nor...

    Sheryl’s Answer

    If you did not sign the promissory note, the bank cannot obtain a personal judgment against you - this includes a deficiency judgment. Since you were a co-owner of the property, you will be named as a defendant in the foreclosure action, but only to the extent of your interest in the real property.

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  • Need advice on a short sale in Florida

    I have a house to sell in Florida where the amount owed on the mortgage is a lot more than the possible sale value of the house. Is it an option to just walk away? Is this a 'short sale'? Can someone explain 'foreclosing'? How would it affect my c...

    Sheryl’s Answer

    A short sale is one way to dispose of a property that is worth less than the mortgage balance. Your first step is to find a buyer - you lender should agree to release the mortgage on a sale that is at the market value of the property. Once you have an interested buyer, your lender will require that you submit a hardship letter explaining why you can no longer keep the property. You will also need to submit an application for mortgage relief (sometimes called an RMA or a "Form 710") that you can find on your lender's website. The lender will require that you submit copies of your tax returns, pay stubs and bank statements to prove that you cannot make up the difference between the mortgage payoff and the net proceeds of the sale. Depending on your particular circumstances and the bank or servicer you are dealing with, you may receive a waiver of deficiency, which means that you will not have to pay back the difference between the mortgage payoff and the net proceeds of the sale.

    A short sale can be very tricky and should not be attempted by someone who does not do a lot of short sales. You will get your best result by hiring an attorney who is experienced in assisting borrowers with short sales. You should find one in your area to assist you in the transaction. Good luck!

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  • 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

    I don't know yet whether she left a will or not (probably not) but I would like to know where I stand if there is no will.....

    Sheryl’s Answer

    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.

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  • I am a seller of a property. The buyer put 10000 deposit with an attorney. He didnt buy the property in the period negotiated.

    Later the court sold the property in foreclosure. I asked to get the deposited money. The buyer also wanted them, so the attorney moved the money to the court registry asking for his payment. The court allowed the payment of 3000 to the attorney. ...

    Sheryl’s Answer

    It sounds like there's more to your situation than a simple escrow dispute. You signed a contract to sell a property that was in foreclosure - that means that you needed lender approval to sell the property. If you didn't get the lender to approve the sale of a property in foreclosure, you did not uphold your end of the bargain. If this is the case, you will likely not have a claim to the deposit. If the buyer simply walked away, you may have a claim to the remaining funds. To know with any reasonable certainty, you should find an attorney who is knowledgable in real estate and foreclosure. Good luck!

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  • Re-buying my family’s house

    My parents were faced with financial situation that prevent them to be on schedule paying mortgage for their house. They had to put the house through short sale. An unrelated buyer agreed to buy the house and offered a price that the bank agreed o...

    Sheryl’s Answer

    In many short sale transactions, the buyer and seller are required to sign an affidavit indicating that the sale is to an unrelated third party for fair value. Often, this affidavit includes a sworn statement from the seller that the seller is not retaining any interest in the property (including possession as a tenant).

    While the situation outlined in the prior paragraph is the general rule, we have handled many transactions where the short sale lender has placed no restrictions on the seller's ability to retain possession or even purchase the property back from the original buyer. You should check the set of documents signed by your parents to determine if they made any agreements with the short sale lender prohibiting your parents or their immediate family members from acquiring a future interest in the property.

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  • 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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