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Sheryl Ann Edwards
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Sheryl Edwards’s Answers

223 total


  • How can i walk away from my realestate without repercussions

    I have 6 properties that are not paying for them selves, i need to walk away with any recourse or monies being attached to my personal home or small business. What do I need to do can you please advise.

    Sheryl’s Answer

    There is no "black or white" answer to your question. You will have a downside to walking away. Call me on Monday to arrange a consultation to discuss.

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  • Will an in rem (against property) foreclosure adversely affect the person's credit report?

    Settlement agreement and compromise to an in rem foreclosure with no deficiency via mutual agreement in Florida raises an issue of possibility or length of derogatory credit reporting. Trans Union explains that it is 7 years from the date of defau...

    Sheryl’s Answer

    Generally speaking, although the person who signed the promissory note is the primary Defendant, Plaintiffs use the "shotgun" approach to naming defendants in a foreclosure action. They name anyone and everyone who may have an interest in the subject property. However credit reporting should only occur with the primary Defendant - the person who signed the promissory note. That person is the only one financially responsible for repaying the debt. Therefore, credit reporting should not be made against any other Defendant. These rules apply regardless of how the foreclosure action was resolved.

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  • What forms do I need to fill out to probate my late mother's estate? She died without a will.

    My mother died several years ago. There are some cd's in the bank in her name. My home is also in my and my mother's name. She died without a will. I have two siblings but I do believe that I am the beneficiary of the cd's and cannot find out any ...

    Sheryl’s Answer

    Unless the CDs are either in joint name or already have a beneficiary designation, you are going to need to open a probate case. Florida Statute § 733.106 (3) states that any attorney who has rendered services to the estate may be awarded reasonable compensation from the estate. You stated that you do not have any money to hire an attorney but Florida Statutes 733.6171(1) states that attorneys for personal representatives shall be entitled to reasonable compensation payable from the estate assets without court order. The personal representative has full discretion in choosing who he or she wishes to hire as their attorney and any fees or costs incurred by such representation are payable from the estate assets. You should find a probate attorney in your area to assist you.

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  • Who are defendants in quiet title action?

    A piece of land purchased by tax deed sale by a buyer-1 and then resold to buyer-2 by quitclaim dead. There are no liens. But buyer-2 want to proceed with quiet title action. Who are defendants? Last owner of the property prior to the tax deed sale?

    Sheryl’s Answer

    One place to start to identify the defendants who will be necessary parties to the Quiet Title Action is the list of parties included in the notice of tax deed sale prepared by the clerk of court when the tax deed sale application was processed. If the clerk correctly identified all entities who had any type of interest in the subject property at the time of the tax deed sale, these are all of the necessary parties. You should have a title search performed by a Real Estate Attorney to confirm that all necessary parties were included in the tax deed sale. If the clerk missed an interested party in the tax deed sale, they will also need to be added as a defendant although they were not included in the tax deed sale process (and therein lies the reason for the requirement for a Quiet Title Action to be performed so that marketable and insurable title can be conveyed going forward).

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  • 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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