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Sheryl Ann Edwards
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Sheryl Edwards’s Answers

224 total


  • I had a loan modification with BOA and they sold my mortgage to Everhome Mortgage who claims I do not have a modification.

    Our loan modification was part of our Chapter 13 Bankruptcy and the court approved the modification with the reduced payments. Now Everhome is not recognizing the modification and claims we have not been making the required amount of payments.

    Sheryl’s Answer

    Call your bankruptcy lawyer - there should be an order or other documentation approving the modification. That with your canceled checks for payment should do the trick!

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  • We live in the UK and have a holiday home in Davenport , Florida .

    Our mortgage was with GMAC, last year OCwen took over GMAC, we are now having a lot if difficulties paying , we get foreclosure letters nearly every month, we have to call them to make payments, we are in the UK which makes it all the more di...

    Sheryl’s Answer

    Although a thorough analysis of your financial situation will need to be made to determine if a short sale is your best option, typically a short sale is a better alternative for a borrower than a short sale.

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  • When borrower dies, can bank come after another owner who is on mortgage, but not on the promissory Note?

    1) When a borrower dies and he was only one on the Note, can the bank get a deficiency judgment against another owner or interested party who is on the Title, Deed, and the Mortgage, Riders but they did not sign the Note ? 2) And can it can h...

    Sheryl’s Answer

    Before I address your question, a quick lesson in mortgage financing is in order.

    The promissory note is the evidence of the debt, the so-called promise to pay the borrowed money back. In Florida, it creates a personal obligation for whomever signed the note to pay the money back. You can have a promissory note in just about any type of lending transaction - even when the debt is evidenced by something as simple as in IOU.

    Typically, lenders will require collateral for the repayment of the debt - if the borrower does not pay the borrowed money back, the lender can seek to obtain ownership of the collateral. In the case of real estate financing, the mortgage is the collateral document. The mortgage allows the lender to take the collateral - the house - if the borrower does not pay the money back.

    The collateral may be owned by anyone and does not need to be owned exclusively by the borrower. However, in the case of home mortgage financing, all owners of the property must sign the mortgage to evidence their consent to pledge the home as collateral for the loan.

    If the borrower dies and there are no other people who have signed the promissory note, the only recourse of the lender against a deceased borrower is to pursue a claim against the estate of the deceased borrower. However, the lender can always pursue the collateral for the loan - in home mortgage financing, this called a mortgage foreclosure. Once the mortgage is foreclosed and the collateral is sold, in today's world, there is typically a deficiency - an amount owed on the note that is more than the net sales proceeds of the property obtained in foreclosure. However, since the personal obligation to pay the money back arises from the promissory note, the lender can pursue the deficiency only against those who signed the promissory note (or in your example, the estate of the deceased borrower).

    A non-borrower owner of the property who is a defendant in a mortgage foreclosure action has no personal obligation to pay the money back. Thus, the completion of mortgage foreclosure action against a non-borrower owner should not affect the credit of that person. If it does, the non-borrower defendant should seek to have the incorrect information removed from his or her credit report since that person had no obligation to pay the money back in the first place.

    Bottom line - if there are assets in the estate of the deceased borrower, you should seek the assistance of a real estate attorney experienced in mortgage foreclosure defense and negotiation of short sales.

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  • Completing Deed in Lieu process- i was approved and the deficiency is being waived

    (In Florida) I am completing a DIL on a townhome i purchased before i got married. However in order to complete process my husband has to sign the closing docs? What is the reason for this, nothing is in his name. Could he be pursued for anything...

    Sheryl’s Answer

    The reason that your husband is being required to sign on the deed in lieu transfer documents is related to the homestead provision in the Florida Constitution. In Florida, a non-owner spouse must consent to any transfer of a homestead property. Although he may not have any interest in the property and although you may not live there anymore, the presumption is that the property is your homestead property. Thus, your spouse will need to sign the deed or you will need to inform the lender that the property is non-homestead so that the required language can be placed on the deed that transfers the property to the lender.

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  • Is a non American citizen qualified for house mortgage?

    I need a house worth about $300,000

    Sheryl’s Answer

    Typically, non-resident house purchasers pay cash because it is difficult to qualify for a mortgage loan as a non-resident. If you can meet the underwriting requirements for a loan, you should be able to buy a house but you are in for a difficult road ahead of you. Good luck.

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  • Foreclosure Defense Attorneys ... How does a Plaintiff foreclose "IF" the Florida statute has run ?

    Acceleration = February 2008. Lis Pendens = July 2008. Dismissed "with" Prejudice = June 2011. New case filed (and voluntarily dismissed) = November 2013. How does the Plaintiff foreclose ?

    Sheryl’s Answer

    I agree with Ms. Golant - the determination of whether a statute of limitations has run on the enforcement of a promissory note and mortgage is very fact specific. While the statute of limitations period is 5 years, the trick is determining on what date that 5 year period starts to run.

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  • Real estate attorney

    house on a short sale, house has a second mortgage on it, bank sent approval letter, title company just mention about the second which is not on the approval letter what will happen now realtor said she will find out, can a attorney tell me now

    Sheryl’s Answer

    In order to close a short sale, you will need to obtain the consent of all lienholders. It sounds like the first lienholder, your lender, has consented to the short sale. Typically, the next thing to happen is to negotiate for short sale approval with the second lienholder, which often requires a copy of the approval letter issued by the first lienholder. Additionally, the approval of a short sale doesn't always mean that the lender(s) will take the net proceeds from the sale and waive the deficiency. This is often a term of the short sale approval that must be separately negotiated.

    Short sales are often tricky - I hope you have a qualified real estate attorney in Jacksonville assisting you. If you do not , I urge you to get one.

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  • On a week to week rental, How do I terminate the lease?

    The tenants haven't done anything wrong, They have paid their rent on time. I just want to use the in law apt for something else other then a rental. I have stated in the lease that it is a temporary living situation and that the lease can be t...

    Sheryl’s Answer

    So long as there is no provision in the lease that requires a different period for service of the notice of termination of week to week lease, Section 83.57 states that the tenancy can be terminated by giving not less than 7 days' notice prior to the end of any weekly period.

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  • Options to avoid any deficiency judgment in foreclosure.

    My property is set to be foreclosed in February, I have a final judgment dated sept 18 2013, date for sale is February, besides bankruptcy with options do I have to avoid the bank coming after me for the difference for what I owe and for what th...

    Sheryl’s Answer

    It's a little late to be asking the question. If you had been more proactive and had addressed the situation sooner, you may have been able to complete a short sale or deed in lieu with a waiver of deficiency. However, with only a few months to go before the foreclosure sale, you have left yourself very little time. To avoid a deficiency, you need to sell the property immediately. With a sales contract in hand, you may be able to get the lender to agree to reschedule the foreclosure sale to permit the completion of the short sale. You need professional help to get this done - today (not tomorrow or next week). Good luck.

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  • Does a lender have to serve all parties concerned with property going into foreclosure ?My name is on deed .

    My sons name is on mortage that he has defaulted on . property deed is in my name

    Sheryl’s Answer

    If you are on the deed to the property, you would be an indispensable party to a foreclosure action and would need to be served with a copy of the summons and complaint.

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