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Ratings. Guidance. The Right Lawyer.
I have acquired a home via an enhanced life estate deed...WHAT ARE THE CHANCES BOTH MORTGAGE HOLDERS WILL REVIEW EITHER the
Saint Petersburg, FL
Viewed 47 times.
Posted 2 months ago in Real Estate
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DOCS FILED WITH THE COUNTY (ENHANCED LIFE ESTATE DEED)-FILED AFTER THE LOAN WAS OBTAINED...OR, ASK for updated financials given the loan is in default. Am I safe to pay the amount in arrears to bring the loan current and not have to worry about losing the money I pay, or should I take that chance.
HOW OFTEN DO MORTGAGE COMPANIES REVIEW LOANS???? IS THERE A VERY LIKELY CH ANCE THE LOAN WOULD BECOME DUE IN FULL?? SHOULD I TRY TO STRIKE A DEAL WITH THE FORECLOSURE ATTY to let me continue to pay the current loan under the current payment agreement, OR, IS THAT TOO RISKY???? WHAT ARE ANY POTENTIAL RISKS THAT YOU COULD FORSEE LATER DOWN THE ROAD REGARDING OWNERSHIP/DEED OF THE PROPERTY? I would not qualify for a new loan IN DESPERATE NEED OF IMMEDIATE HELP in ST PETE! Answers (2)
Marshall C Deason Jr.
This attorney is licensed in Florida and 2 other states.
Posted 23 days ago.
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Your acquiring title to the property may be a violation of the due-on-sale clause in one or both of the mortgages. However, with the current state of the economy and the Florida real estate market, it it unlikely that a mortgagee would foreclose because of a violation of the due-on-sale clause if all of the payments are up to date. You should make an appointment with an experienced real estate lawyer to review the specific wording of your mortgages and advise you of how you should proceed.
Marshall C Deason Jr.
This attorney is licensed in Florida and 2 other states.
Posted 23 days ago.
Flag as objectionable
Your acquiring title to the property may be a violation of the due-on-sale clause in one or both of the mortgages. However, with the current state of the economy and the Florida real estate market, it it unlikely that a mortgagee would foreclose because of a violation of the due-on-sale clause if all of the payments are up to date. You should make an appointment with an experienced real estate lawyer to review the specific wording of your mortgages and advise you of how you should proceed.
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