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In a foreclosure, when is your name officailly removed form the deed?

Homosassa, FL |

My ex wife and I had a rental property in a deed restricted community. The property fell into foreclosure and I thought everything went as it should. To this day I get notices from the community deed committee in reference to not paying annual dues, or maintaining the home within restriction standards. My name is still listed on the deed and I have record of a final judgment of the foreclosure. The only documentation from the event I can find is a Master Order of Dismissal inwhich the courts found a Notice of Lack of Prosecution and dissolved the notice of Lis Pendens. Does this mean the community is right and I am still legal owner and responsible even though it has been 4years?

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Attorney answers 4

Posted

I see this, a lot, in Maryland. Homeowner's associations and banks are reluctant to take possession of properties where fees, and taxes will continue to accrue. So, you remain on title and legally responsible. At some point, someone will move to foreclose or redeem the property.

You might consider engaging counsel to explore a "deed in lieu of foreclosure" to the foreclosing entity. It is not the preferred route, because it gives imperfect title, but it may get the property off your back.

Posted

Although a foreclosure action was filed against you, the bank did not follow through and finish the foreclosure. Because the bank did not follow through, the court dismissed the case. This means that you are still the legal owner of the property. You should discuss your case with an experinced real estate lawyer in your area to find out what your responsibilities are and what options you have with your property.

Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.

Posted

Following on Attorney Deason's comments, there is a lot of confusion and uncertainty in FLA foreclosures. There have been many foreclosure suits simply abandoned due to problems with the lenders and their lawyers and agents. You should find out it that is the case with your property - might give you a whole different outlook on the situation.

You should seek the advice of a FLA attorney and this post is not meant as legal advice.

Posted

From the facts that you presented, it sounds as if you are still responsible for the payments that accrue each month to the association. However, it also sounds as if there may be a good opportunity at present for to resolve your situation with both the mortage company and with the association.

In facts similar to that which you have presented, our firm has represented lenders, associations and borrowers/property owners, with the end results being beneficial for all involved. We handle cases throughout the State of Florida. If you would like to discuss your situation further, please contact me via email, ken@wjblegal.com, or via directly at my office 786-230-1090.

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