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Sheryl Ann Edwards
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Sheryl Edwards’s Answers

224 total


  • Would I have to pay Doc Stamps( taxes ) if I wanna register the title of my property back to me?

    The balance on my mortgage is aproximately $176,k. The Condo association took over of the title for over 2 years, since I had a debt with them, but is already paid off and they decided to give me the title back. I went to have the quit c...

    Sheryl’s Answer

    Yes - the general rule is that documentary stamp taxes are due on any transfer of real property in the amount of consideration given for the transfer. In the case of a transfer where the beneficial interest does not change, documentary stamp taxes are due to the extent of the amount of any mortgage liens recorded against the property.

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  • Is there anyone who is actually litigating a Dyck and O'Neal Lawsuit?

    I have been served with a lawsuit from them...and I am having a hard time finding an attorney who is actually experienced with these deficiency cases...located in Melbourne. ..but willing to drive anywhere for the experience!

    Sheryl’s Answer

    Dyck O'Neal purchased a number of loans from Fannie Mae and is attempting to collect on the post-foreclosure deficiency balances. The Dyck O'Neal cases have lots of problems. Any lawyer in your area who has been working in foreclosure defense over the last several years should be able to assist you in defending the case. Good luck.

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  • Statute of Limitations on Deficiency from Foreclosure My question involves a mortgage in the state of: Florida

    July 2007 = Stopped sending my mortgage payment and I received a NOTICE OF DEFAULT AND ACCELERATION. 2008 = Got served with foreclosure package 2009= summary final judgment for foreclosure. 2010= order dismissing fro plantiff’s non a...

    Sheryl’s Answer

    The issue of the statute of limitations in mortgage foreclosure is very much in flux in the state of Florida. There are 2 recent appellate decisions in Florida that indicate that each missed payment gives rise to a new cause of action and therefore, the statute of limitations may not begin to run until the maturity date on the recorded mortgage - which is typically 30 years from the date the mortgage was signed by the borrower. One of the appellate courts certified this issue to the Florida Supreme Court - which is essentially a request for the Supreme Court to rule on the issue. The Supreme Court has not yet indicated whether it will consider the issue. Therefore, until it does, you would be wise to hire an attorney in your area to defend your mortgage foreclosure action. If the Supreme Court decides the issue in favor of homeowners (meaning that it will rule that the Statute of Limitations is calculated from the filing of the first mortgage foreclosure action), the ruling will not benefit you if a foreclosure judgment is entered against you before that happens. Good luck!

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  • What’s the best way to setup the ownership of a condo? Currently owned by grandmother. Idea is to transfer to grand kids (21+).

    Condo owned by mother and son (jtwros). Mother (84) and son (63) are non US residents. Condo is paid off. Purchased in early 80s for $180K, in 2004 father passed away and it was transferred to mother and son, taxes paid at that time. Current value...

    Sheryl’s Answer

    The best way to register ownership of real property is very fact specific and depends on several considerations that are too complicated to assess in just few words or paragraphs. The determination in your case looks like it should be made by an attorney who specializes in international tax who will work with your real estate attorney. You should consult with someone who specializes in this area of law - any amount that you spend on attorneys fees now will be money well spent when the property is either sold or is transferred due to the death of one of the owners.

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  • Selling property that was previously purchased through first mortgage foreclosure, what title evidence/insurance is required?

    I purchased a home through first mortgage foreclosure and was issued a CET. After the CET was issued, title search came clean. What evidence is sufficient for section 9c, TITLE EVIDENCE AND INSURANCE? The wording is this: "Seller shall f...

    Sheryl’s Answer

    I believe that the language you are focusing on is the following: "Seller shall furnish a copy of a prior owner's policy of title insurance or other evidence of title . . . " You probably do not have an owner's policy of title insurance (unless you purchased title insurance after the purchase at foreclosure sale) so your evidence of title is the certificate of title you were issued by the Clerk. This document acts just like a deed would to evidence your ownership of the property. The rest of that paragraph simply provides language as to who is responsible for what expenses in your upcoming sale transaction.

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  • How long will it take the Florida Supreme Court to answer the certified question posed in the Bartram case?

    In light of the recent twisting of the Statute of Limitations by the 5th District Court of Appeals in favor of the banks I am surprised at the relatively low roar coming from the 'foreclosure activists' and attorneys who blog about the injustice o...

    Sheryl’s Answer

    Trust me - the Bartram and Evergrene decisions are no small matter to the foreclosure defense bar. Since an acceleration of mortgage is an acceleration of the maturity date, it is widely believed that a mortgage cannot be un-accelerated simply because the lender dismissed it's case or lost at trial.

    Regardless, there is no guarantee that the Florida Supreme Court will hear the case and if it does, it will likely be at least a year before a decision is published.

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  • Foreclosure question U.S. Bank vs. Bartram implications

    In 2007 my condo went into foreclosure. I bought it in 2005 and tried to sell it in 2006 for a small profit, however found that the title was never recorded properly in my name. The title company was unresponsive and out of business now, however...

    Sheryl’s Answer

    Those of us who represent borrowers in foreclosure actions believe that the court in Bartram did not understand the nature of an acceleration of a mortgage. Although we are hopeful that the Florida Supreme Court will agree to revisit this issue in the near future, the holding of Bartram (as well as other cases decided since Bartram) currently permits a lender to file a second and third and fourth action for foreclosure (or as many tries it takes then to finally get it right) without regard for the 5 year statute of limitations. If the bank files another action for foreclosure, you will want to hire experienced foreclosure defense counsel to assist you in asserting your defenses to the action.

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  • When must notice of pursuit of a deficiency claim be received?

    If an entity wants to pursue a deficiency claim in the case of a short sale, does the notice need to be received before the statute of limitations date, or only postmarked before the date?

    Sheryl’s Answer

    In 2014, the Florida Legislature enacted legislation to lessen the period of time that a lender could pursue a deficiency judgment after foreclosure to a period of 1 year after the foreclosure sale. Previously, a lender had a full 5 year period to pursue a deficiency after the completion of the foreclosure.

    At the time that the Florida Legislature was working on the legislation that shortened the statute of limitations period to pursue a deficiency, it was working on a separate bill that would have shortened the period of time to pursue a deficiency after a short sale to 1 year. Unfortunately, the provision shortening the period for a lender to pursue a deficiency did not pass.

    As a result, there is currently no statutory provision dealing with the limitations period for a lender to pursue a deficiency after a short sale. Therefore, it is widely believed that the general 5 year statute of limitations period for a breach of contract applies to short sales. However, when that 5 year period will begin will vary from case to case.

    Any action for a deficiency must be filed with the clerk of court before the applicable limitations period has elapsed.

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  • When dealing with an In Deed of Lieu process, can the government hold us responsible if the house sells short of the amount due?

    They say we must sign a 1099-C for them to proceed with their offer, but cannot answer this question. They say that the mortgage company will grant a full waiver, but we need to know if the government will come after us down the road.

    Sheryl’s Answer

    When a lender issues you a 1099-C, you do not receive a bill from the government for the tax due, if any, on the debt you have been excused from repaying. You have an obligation to report all taxable income to the IRS by filing a tax return. The information provided on the 1099-C is part of the information that must be provided to the IRS. There may be an exemption that would apply to make the amount of debt you have been excused from repaying not taxable as income. You should consult with your accountant to see if any of those exemptions apply to you.

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  • I had a deficiency balance after foreclosure and I dont want to filed bankrupcty is that he only option?

    i have more assests and i am going to lost everything

    Sheryl’s Answer

    Bankruptcy is definitely not your only option. Unsecured debt is difficult to collect in the state of Florida. You need to consult with an attorney in your area who can advise you on ways to protect your remaining assets.

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