#Condos For Rent In Gainesville Fl

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Foreclosure Hardship Letter - Sample For Bank Loss Mitigation Department

Condos For Sale - Foreclosure Hardship Letter - Sample For Bank Loss Mitigation Department

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Do you know about - Foreclosure Hardship Letter - Sample For Bank Loss Mitigation Department

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A foreclosure hardship letter is an integral part of Loan Modification or Short Sale package. When homeowners are facing foreclosure, these documents are submitted to the Loss Mitigation Department of the mortgage lender. Loan modifications are offered to homeowners who have the financial ability to become current on delinquent payments. Short sales are offered to homeowners who do not have the financial means to pay their mortgage payments. Lenders who accept short sales offers agree to accept less than is owed on the mortgage note.

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For most people, the foreclosure hardship letter is the most difficult aspect of loan modification or short sale procedures. It can be excruciatingly painful to express on paper the circumstances which caused the homeowner to fall behind on their mortgage payments. Many people are intimidated by the hardship letter. They don't know what to say or how to format the letter so it is easy to read and understand.

Keep in mind, foreclosures and short sales are handled by the Loss Mitigation Department of your lender. Employees of this department are referred to as Loss Mitigators. Before you can submit a loan modification or short sale package, you must receive approval from the Loss Mitigator assigned to your account.

More than likely, you will have ample opportunities to personally speak to the Loss Mitigator handling your account. These individuals deal with homeowners in financial distress on a daily basis. Take advantage of building a relationship with your assigned mitigator and ask questions to help you better understand what your mitigator expects. Loss mitigators can make or break your deal, so always treat them with respect and provide them the information they request.

Your foreclosure hardship letter will be read by your personal loss mitigator. Realize these individuals receive dozens of hardship letters daily. Therefore, it is crucial to keep your letter short and to the point, while covering pertinent facts.

When composing your hardship letter you can either write it by hand or type it. If your handwriting is illegible, it is best to type the letter or have someone else write it for you. The foreclosure hardship letter is one of the most crucial elements of your loan modification or short sale package, so take every precaution to ensure the Loss Mitigator can easily read and understand it.

Real estate experts recommend using a business format for the foreclosure hardship letter. This involves placing your name, address, city, zip and phone number at the top of the page. Leave two spaces, then write the name of your loss mitigator, name of your mortgage lender, along with their mailing address. The next line should include the current date. Place your loan number underneath the date. The body of the letter should be between four and six paragraphs. Close the letter by signing and printing your name.

The following is an example of the foreclosure hardship letter. You can make adjustments to the text depending on if you are seeking a loan modification or short sale arrangement.

Bob and Jane Smith

123 Any Street

Your City, State 12345

Tom Jones

USA Lender

123 Anywhere Avenue, Suite A

Anytown, State 12345

Current Date

RE: Your Loan Number (include either Loan Modification or Short Sale)

Dear Mr. Jones,

We are contacting you today to request a (loan modification or short sale) for our property located at (insert address, city, state). We appreciate the opportunity to explain the circumstances which have caused us to fall behind on our mortgage payments. Although we have done everything possible to improve our financial situation, we are still short on the money owed to you.

The reason we have become delinquent in our mortgage payments is (explain the reason here). At this time we do not have enough income to pay our regular monthly mortgage payment. We are concerned that we are falling further behind and will not be able to pay what is owed. We have every intention of paying what is owed, but at this time do not know how to accomplish this. Therefore, we are turning to you for assistance.

We are asking for consideration to temporarily reduce or suspend our mortgage payments for a few months (or allow us to sell our home via a short sale). Doing so, would help us get back on track. Our home means a great deal to us and we desire to work with you to keep it out of foreclosure. Please advise of all options available to stop foreclosure (or initiate a short sale) at your earliest convenience. We are anxious to reach an agreement and appreciate your prompt response.

Respectfully yours,

Print name of Borrower(s)

Signature of Borrower(s)

Loan #

Address

Phone

email address (if applicable)

It is imperative to send the foreclosure hardship letter via certified mail with a return receipt requested. This will ensure you have proof you sent the letter. The return receipt must be signed by someone at the lending institution and the signature card will be returned to you in the mail.

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Timeshare Foreclosures - Why You Should Avoid Timeshare Foreclosure

Condos For Sale In Gainesville Fl - Timeshare Foreclosures - Why You Should Avoid Timeshare Foreclosure

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Do you know about - Timeshare Foreclosures - Why You Should Avoid Timeshare Foreclosure

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One of the common questions that comes up about timeshares is "What will happen if I stop paying my maintenance fee?" This question is usually asked by timeshare owners who are having difficulty keeping up with their annual maintenance fees, due to increases or a change in personal financial circumstances. Or sometimes a special assessment for maintenance becomes too burdensome.

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Many of these folks are under the mistaken impression that there would be no consequences to allowing the payments to lapse. But that could not be further from the truth. Timeshare companies will foreclose on your timeshare if you fail to pay your bill and this will wind up on your credit report, just like if you decided to stop paying your mortgage or a credit card bill. You may also wind up being pursued by a collections company for back payments and could possibly face additional penalties and fees as a consequence of non-payment.

Some owners actually think that just because they've lost interest in their timeshare and don't intend to use it anymore, that the timeshare company will just take it back if the maintenance fee doesn't get paid. But this isn't how it works. If that were the case you'd find some properties with an abundance of vacant properties on their hands during the least desirable vacation times. So for the most part, no timeshare company is going to let you out of your contract. The maintenance fee continues to be an obligation even if you have no intention of ever using your timeshare again.

So the best bet if you need to stop paying is to find a way to sell your timeshare. Sometimes it even makes sense to simply give it away. Unfortunately, for some sellers, you might be holding onto a timeshare that isn't particularly popular, or maybe your week isn't in high demand. In this situation, it might even make sense for you to offer a financial enticement. For example, you might offer to pay this year's maintenance fees, but allow the new owner to use the week.

Conducting your sale in this way wouldn't save you this year's expenses, but it would ultimately allow you to relinquish the responsibility to someone else. This is far preferable to having your timeshare foreclosed upon.

Just be cautious that when you sell your timeshare you are not being ripped off. You should not pay a salesperson an upfront fee to sell your timeshare for you. A professional real estate person collects commission only after the sale is finalized, not before.

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If Your Landlord is in Foreclosure, Do You Still Need to Pay Rent?

Houses For Rent In Gainesville Fl - If Your Landlord is in Foreclosure, Do You Still Need to Pay Rent?

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Do you know - If Your Landlord is in Foreclosure, Do You Still Need to Pay Rent?

Finding out that you are renting a house that is facing foreclosure can be deeply worrisome. And the worst part is that there are so many questions that you may never receive a response to from your landlord and have to begin researching on your own.

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How far along is the process? Has the house already been sold at sheriff sale? Who is the current owner of the property? Which bank is the foreclosing lender? Can you get more time to move out? Or has the landlord been working on a solution?

But the most common question that tenants seem to have when they discover their apartment or rental house is in foreclosure is if they still have to pay rent or not. Of course, this is a serious question, but it is more important to know who should be paid, rather than if a payment should me made at all.

The short answer is that you are still required to pay rent since you are still living in the property and using the space you are leasing from the current owners. You have a contractual obligation to pay rent in exchange for the living space, and foreclosure does not change that until ownership is transferred through a public property auction.

If you are concerned about the foreclosure, then you have two options, both of which you should work on. First you can either move out as soon as possible to avoid potentially being evicted later on, or, second, you should talk to the landlord about what he is doing about the situation and any possible solutions to foreclosure.

Some landlords are able to stop the foreclosure process before the house is auctioned off, and then you would just be behind on rent if you stopped paying now and they saved the home. You would probably end up losing your deposit in that case, since nonpayment is one reason you had to put down the deposit in the first place, and you may open yourself up to lawsuits for back rent payments.

You can also move out of the house claiming constructive eviction, which means the conditions made it so unlivable that there was no other choice than to break the lease and leave. If the owner does not give you your deposit back, you can try to sue for it later on. You would just have to convince the small claims court that a pending foreclosure was a reason to move out prematurely.

A final aspect of the process to be aware of is after the sheriff sale, the bank may become the owner of the property and rent payments will need to be made either to a trustee or the lender's attorneys. Most often, banks will attempt to evict anyone still living in the house after the auction, but if there is a chance to continue renting, it may be best to consider the circumstances.

But you do not just want to stop paying rent unless you have the correct information about the foreclosure proceedings, what the owner is doing about it, or a game plan for moving out and claiming constructive eviction. Otherwise, refusing to pay rent because of a pending foreclosure may have negative unintended consequences, depending on how the rest of the legal process plays out.

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Affirmative Defenses to Foreclosure Lawsuits in Florida

Condos For Sale In Gainesville Fl - Affirmative Defenses to Foreclosure Lawsuits in Florida

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Do you know - Affirmative Defenses to Foreclosure Lawsuits in Florida

Under Florida law, a homeowner's answer to a foreclosure complaint may include the affirmative defense that the plaintiff lacks legal standing to obtain a judgment of foreclosure.

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Because many plaintiffs have no direct relationship with the original lender, they are sometimes unable to produce the original loan and assignment documents that are required of plaintiffs who request judgments of foreclosure. Because many loans were frequently bought and sold by various loan servicers during the past several years, the loan and assignment documents have, in some instances, been misplaced. This presents an opportunity for homeowners who are trying to stop a foreclosure sale.

The following is an example of how the "standing" defense may be asserted as an affirmative defense in a homeowners answer to foreclosure:

Plaintiff lacks standing to commence this action. My original mortgage was with _______ . This is not the same entity that commenced the instant action. Plaintiff has failed to provide the original, or certified copies of, the note and mortgage and all relevant assignment(s). In Florida, only the owner and holder of the mortgage and the note have standing to commence a foreclosure action.

The "legal standing" defense is just one of several affirmative defenses that homeowners should consider when responding to a foreclosure complaint. Other affirmative defenses that a homeowner should consider include; (a) violation of the Truth in Lending Act; (b) Fair Debt Collection Practices Act violations; (c) incorrect notice or service of process; and (d) lost payments.

A homeowner should carefully review the lender's complaint. Under the Florida Rules of Civil Procedure, a plaintiff seeking a judgment of foreclosure is required to attach a copy of the Note to its complaint. A Florida homeowner who is served with a foreclosure complaint without a a copy of the Note should assert this as a defense. This may stop the foreclosure action until the lender can supply a copy of the note. In foreclosure actions, any delay in the proceedings can be beneficial because it gives the homeowner an additional opportunity to find alternatives to foreclosure, including a short sale or loan modification.

In virtually all circumstances, it is beneficial for a homeowner to file an answer when served with a foreclosure summons and complaint. Failing to answer a foreclosure complaint may result in the forfeiture of the legal defenses that are described above.

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The House You're Renting is in Foreclosure - What do You do Now?

Houses For Rent In Gainesville Fl - The House You're Renting is in Foreclosure - What do You do Now?

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Do you know - The House You're Renting is in Foreclosure - What do You do Now?

Tenants are often some of the last people to find out the house they are renting is going into foreclosure. The landlord often withholds this information, fearing that, if the renters knew of the pending legal action against the property, they would stop paying rent, and the landlord would not have this money to rely on if he is attempting to save the home or just use the money to move on with his family's life after the process has ended. In all honesty, the tenants are still bound to the terms of the lease as long as the landlord still owns the home, and a pending foreclosure would not alter that fact. If the homeowners are unable to find a solution, though, it may be in the tenants' best interest to attempt purchasing the house, either before or after the process has gone through. This may allow them to make the jump from renter to owner, and avoid having to move out of a house that will soon be evicted by the county sheriff.

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The first question that homeowners usually have is whom should they buy the property from. They can make an offer to the landlord now, but the owners may want the full market value of the property, in order to pay off the loan in full and use as much of the proceeds as possible to begin recovering from the foreclosure. Of course, they may be willing to give a good deal to the tenants, who are helping them out of the difficult situation, and this humanitarian motive to purchase the home before the sheriff sale should be considered by the renters. However, if the landlord demands full market value, and is unwilling to work with the tenants, assuming an "all or nothing" attitude, another approach may result in a better deal for the potential home buyers.

In this case, where the landlord is unwilling to sell the home for less than full price, thereby giving the tenants a good deal for helping stop the foreclosure process, it may be wiser to wait until after the county-conducted auction when the landlord is no longer the legal owner of the property. He will no longer be able to negotiate a sale on a property he no longer has any interest in. It may be better for the potential buyers to work with the bank after the sheriff sale to get a better price. There are good and bad points about this approach, though, both of which must be taken into account before moving forward with this option.

First, the bad. The tenants absolutely must contact the bank before the sheriff sale or very, very soon after in order to tell the lender they are interested in purchasing the home and that they are currently living there as tenants of the previous owner. During the entire foreclosure process, they should try and save up for a down payment and get qualified for a loan as soon as possible, so they can prove to the bank that they are serious about buying the house, working towards that goal, and not just trying to avoid getting evicted. The bank will have to inspect the house and have it appraised before they accept any offer, of course, so the tenants can expect the mortgage company to send out a Realtor or appraiser to get an accurate value.

This is assuming the bank buys the property back at the foreclosure auction, of course. This happens almost all of the time, but there is a chance a third party interested in the home will purchase the house and want to move in or hold it as an investment. They may be understanding of the renter's situation and willing to sell the property they just purchased for market value, but then the renter's potential great deal will turn into buying a house for full price. This is an outside chance, but worth mentioning, as it can put the renters back in the same bargaining position they were in with the landlord demanding full price to sell the property to stop the process.

Now for the good aspects of purchasing a home after the sheriff sale The first is the fact that the mortgage company will be willing to sell quick and for a small gain on what they purchase it for at the auction. The tenants need to find out what the selling price was at the sale and what the true market value of the property is currently estimated to be. This will help them determine how much to offer the bank, although a wise bet would be to offer an amount somewhere in the middle of the auction price and the market value and back up the offer with a contract and qualification letter. If the offer is not made with a valid contract and some proof of being qualified for a loan, the bank will not take the entire offer seriously, as there is no documentation to persuade them to hold off on the eviction process.

As long as the bank knows that the potential buyers are working on getting the home and can document the mortgage process as it goes along, they will be willing to hold off on the eviction process for a reasonable length of time. They will not want to pay to evict someone through the court system if the current tenants are trying to buy the house. However, they will not wait forever for the loan to go through, and a closing date should be sought after as quickly as possible. Every minor delay or setback can cause the bank to change its mind, decide not to extend the contract, and pursue the process of forcefully removing the occupants and list the property on the open market. Time is of the essence in this situation.

Finding out that one is renting a home in the middle of the foreclosure process is often quite worrying to tenants. Although they are not legally released from the obligation to pay rent to the landlord for as long as he is the owner of the property, foreclosing banks will be quite sympathetic to renters in this situation. As long as the tenants become aware of the situation with some time to spare, they may be able to get the funds together to quality to purchase the home and avoid being evicted. They may also have the opportunity to help out the landlord by assisting in the effort to avoid foreclosure and purchase the property before the sheriff sale. If this is not possible, even greater deals may await after the county auction has taken place. Although being a tenant in this type of situation can seem like one of the most distressing situation to find oneself in, the tenants themselves can turn it into a win-win situation.

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