1 family florida pre-foreclosure questions

Edwin De leon · 2008-08-03T10:46:55-07:00

Scenario: 1 family home in pre-foreclosure in florida behind 4 months! Questions: 1) What could be done to slow down the foreclosure process in florida egally and give him time to catch up maybe 2) What new programs are being offered by the government for people like him that are in pre-forclosure 3) Someone has offered to do a short sale that he could stay in the house and find someone to buy the house at a lower cost that he trusts and then have title transfered back to him later on...pros and cons of this type of arrangement and what questions should he be asking the person who want to do the short sale. 4) Can he refinance the property if he is pre-foreclosure 3 going on 4 months behind bought house for $170k owes $146 mortgage $1500 monthly, if so what could be done and how 5) Has someone willing to help out he knows personally that he could sell the house too who is close friend of the family and the person is willing to to put house in their name and then later sell and transfer to title back to him. 6) How does florida operate with pre-foreclosure properties how long do they give homeowners to solve behind payments or rather before the bank comes in and puts padlock on door of home. What are the pros and cons here. What questions and precautions should he take here not to get hurt in the future if everything will be in their friends name.

Account Closed

OR · Member since 2008 · 1k+ posts · 845 votes

18y

If "he" can't afford the payments, "his" best option is to get that property on the market quck and to get it sold. There is enough equity there to drop the proice enough to get a buyer who will pay off the mortgage.

That way "he" has a chance to limit the damage to his credit, and "he" won't end up on federal prison for bank fraud, or else see his friend owning his house and not honoring his unenforcable commitment to illegally sign it back to "him".

4 months behind, you probbaly aren't going to be able to refinance. You should have thought about refinancing 4 months ago before you allowed your credit to be damaged. Why should a bank loan you money when you've proven you don't pay your bills?

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Edwin De leon

OP

Investor · bronx, NY · Member since 2008 · 265 posts · 42 votes

18y

There is a friend who will buy the property at a discount, and will resell property back only if they are able to take it back later on once they are more stable or else the friends will keep house and resell it for profit.

These are not some investors that are not know but friends dating back many years and trust there.

So there is not fraud here, correction, but thanks for input!

The only ones to look out for those fast talking vultures who want the property at all cost regardless.

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Jonathan Katz

Real Estate Consultant · Calabasas, CA · Member since 2008 · 61 posts · 1 vote

18y

1) Showing up in court and asking for extensions and to call in sick to hearings. (We are not acting as an attorney nor are we providing legal advise.) The lender will continue to foreclosure until a solid plan is in place.

2)This person MAY qualify for FHA lending depending on the amount of money that they owe and the properties value. (Credit and other factors may apply.)

3) Doing this usually results in someone stealing the title. Taking out debt on the potential equity. Will not transfer who owes the debt if they do one of their classic bait and switch where they never pay off the loan, maybe rent out the property, collect until if goes to foreclosure. Ruining the persons credit.

4)Find a lender. Someone who may qualify him for these amounts. He/She still retains ownership of the property till there is a sale date held by one of the lien holders.

5) Fraud. Arms Length Transactions... anyone? Anyone? Ok.

6)State has not control over what options their bank will provide them. They may affect why the lender decides to go in the direction they do but overall state law will not affect the arrangements available to them. We do loss mitigation application coordination (what a mouth full). We do this for our clients all the time in all 50 states and will have seldom dealings with local law.

Overall this person needs to contact their bank or contact an association what will handle the arrangements with their lender. If you'd like to discuss the options for them or others in further detail we help clients like yours find resolutions. Contact us at your convenience.

Regards,

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Jonathan Katz

Real Estate Consultant · Calabasas, CA · Member since 2008 · 61 posts · 1 vote

18y

Originally posted by "**********":

#3 and #5 is FRAUD!

The proposed idea is usually a sign a "equity skimming" scam quite common today!

Check the Florida statutes as far a s "foreclosure consultants and Equity purchasers"...

Passionate, Party for 1 :D ! hehehe. Totally behind you on this one brother. I didn't Go well into 3 as it is just some nasty business having to do with Fraud, Scheming and Many other disgusting tactics done by lowlifes trying to get ahead on others. I have heard some nasty stories. Most of them consist of people getting collection calls from the bank, the people say they sold the home, and the banks says no one paid off your loan. Then the people freak out and get stuck with the bill (bill is the worst part). Yikes. Crazy enough I've seen these guys put a renter in the house AND collect rent AND never pay the lender. All pocketed.

It pays to know more about your rights or lack there of.

James, We got cut short the other day on our conversation and we need to reschedule Asap. Look forward to talking you.

Regards,

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1 family florida pre-foreclosure questions

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