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Short Sales in Orlando Series overviewIn Lesson 1 the definition of a short sale was established.  The homeowner negotiates with their lender to sell the property less than what is owed.  If the lender agrees then you have a short sale.  Although the definition is very simple, the process and results are quite complex.  Complex in terms of time, guidelines, negotiations, paperwork, parties involved, closing, patience, and emotions.  We will begin to simplify the complexities of the short sale.The Foreclosure Process in FloridaNote: This article describes the foreclosure process in Florida.  Because the foreclosure and short sale process are closely connected, please be sure to understand your state foreclosure process and laws.  The short sale process will be slightly different based on the foreclosure process in your state.In order to have a positive outcome using the short sale option, one must first understand the Florida foreclosure process.  Many folks are terrified of the court system.  Who is to blame them with judges, lawyers, court houses, and legal jargon (legalize).  The first step to reduce the fear factor is to be knowledgeable of the court system foreclosure process and understand some of the terms involved.Typically after 3-4 months of not making payments to a mortgage lender, the lender will file Lis Pendens against the borrower.  This marks the beginning of the foreclosure process in the state of Florida.  At this point the lender’s attorney is involved and begins to file all the legal paper work.  One paperwork requirement is to serve all the defendants of the case.  When you are served make sure you follow the instructions to respond to the summons.  When all parties have been served Lis Pendens then a Notice of Hearing is scheduled or known as the Hearing Date. On the Hearing Date, the assigned judge will hear both plaintiff and defendant of the case.  The outcome of the Hearing Date is to schedule a Sale Date on the property.  The plaintiff is represented by their attorney and the attorney will request 30 days to set the Sale Date.  The judge will turn to you and listen to your story.  You may or may not be represented by a lawyer.  Odds are if you are in foreclosure you cannot afford a lawyer to represent you.  You present your case to the judge and request for as much time as possible to make amends with the lender.  You must tell the judge you are working a short sale with the lender and you need additional time to close your buyer.Once plaintiff and defendant present their case, the judge will determine the Sale Date.  Depending how well you presented yourself to the court, this will determine how much additional time you receive to sell the property.  If you do not appear at the Hearing then the judge will set the Sale Date in 30 days.The Sale Date is the day your house goes to auction.  This typically occurs on the court house steps and your house will be auctioned off.  The lender may or may not find a buyer.  Either way you have less than a week to vacate the property.  So be prepared with a plan to move to another home which will be discussed in another lesson. In summary the foreclosure process has a few major steps.  Lis Pendens, Hearing Date, and Sale Date.  The main point when dealing with the court system is to respond quickly and responsibly.  This is where many folks fail in the short sale process.  You must present yourself as a person who has a hardship and you are working with the lender to resolve the loan default.  The court system looks favorably on folks being responsible and for the most part will have sympathy for the homeowner.  The banks were bailed out, so why can’t you also get a bail out utilizing a short sale.  We will coach you through the foreclosure process and hearing in front of the judge.  Our services are always free to homeowners facing foreclosure.Now that you have a base understanding of the legal foreclosure proceedings, the next Short Sales in Orlando Florida lesson we will next discuss the short sale process and how it fits in with the legal process.Foreclosures are occuring in these surrounding locations of Orlando FloridaAltamonte Springs | Apopka | Avalon Park | Bay Lake | Belle Isle | Edgewood | Lake Buena Vista | Maitland | Ocoee | Orlando | Winter Garden | | Waterford Lakes | Winter Park | Eatonville | Oakland | Windermere | Azalea Park | Bay Hill | Bithlo | Christmas | Citrus Ridge‡ | Conway | Doctor Phillips | Fairview Shores | Goldenrod‡ | Gotha | Holden Heights | Hunters Creek | Lake Butler | Lake Hart | Lockhart | Meadow Woods | Oak Ridge | Orlo Vista | Paradise Heights | Pine Castle | Pine Hills | Sky Lake | South Apopka | Southchase | Taft | Tangelo Park | Tangerine | Tildenville | Union Park | Wedgefield | Williamsburg | Zellwood | Plymouth | Reedy Creek Improvement District‡ | University Park | Vineland | Altamonte Springs | Casselberry | Lake Mary | Longwood | Oviedo | Sanford | Winter Springs | Chuluota | Fern Park | Forest City | Geneva | Goldenrod | Heathrow | Midway | Wekiwa Springs | Kissimmee | St. Cloud | Campbell | Celebration | Citrus Ridge‡ | Lake Buenaventura | Poinciana | Ashton | Bull Creek | Deer Park | Harmony | Holopaw | Kenansville | Intercession City | Lake Marian Highlands | Narcoosee | Reedy Creek Improvement District | Yeehaw Junction

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Florida performs its foreclosures judicially. Specifically the circuit courts of Florida have jurisdiction for the filing of a foreclosure complaint. There are nine separate steps to the foreclosure process in Florida. They are 1) Breach letter; 2) Complaint to foreclose; 3) Lis Pendens 4) Order to show cause; 5) Judgment; 6) Notice of Sale; 7) The Sale; Certificate of Sale; 9) Certificate of title.

1.) Breach letter

The first step in the Florida foreclosure process is for the lender to notify the homeowner by certified mail that he/she has breached the contractual terms of the promissory note and to notify the owner of its intention to foreclose on the home and seek a deficiency judgment. This letter will be forwarded to the homeowner prior to the filing of the complaint to foreclose. This is the end of the private information which we will only see if we are able to enter the home prior to an auction and purchase the property from the homeowner directly.

2) Complaint to Foreclose

The Complaint to Foreclose is just a lawsuit which is filed in the circuit court where the property is located. The attorney prepares the complaint and attaches the mortgage and the promisory note as part of the complaint. It recites the facts of the breach of contract by the homeowner. There is a great deal of information in the complaint and the team member should always copy the entire file for the file. For instance the complaint will recite the amount of the original mortgage, the current amount that the homeowner is behind on the mortgage and will include all of the other parties of record.

The court action is what is known as an in-rem action based upon equity. Consequently, there is no right to a jury trial and the case is heard by a judge. If the property is located in more than one County, the Lender would have the right to choose which Court he/she would like to file the complaint in. The Complaint to foreclose will be examined by the clerk for its technical accuracy. The complaint must be: 1) verified; 2) allege a breach of the note and mortgage; 3) allege a foreclosure of real property located within the county; 4) state the book and page of the mortgage; 5) will most likely be attached along with a copy of the promissory note signed by the homeowner.

A Lis Pendens is filed after the complaint is filed to serve as notice to the world that the lender has an interest in the property.

4) ORDER TO SHOW CAUSE

If the Complaint passes muster the clerk will issue an order to show cause. This order will set the date and time of the hearing to show cause. It will inform the homeowner that it has the right to file any defenses the homeowner may have and that if the homeowner does not file any defenses then a judgment will issue against the homeowner.

5) JUDGMENT

The proposed judgment is attached to the notice of show cause and served upon the homeowner no sooner than twenty days after the service of the order if personal service or thirty days if the service is performed by publication. The judgment will detail the amount of money owed to the lender, the date and time of the public sale of the property. The court will require the lender to publish a notice of sale in a newspaper with a general circulation in the county where the property lies once a week for two consecutive weeks.

6) NEWSPAPER PUBLICATION

The notice in the newspaper is required to have the following information contained therein:
1) A description of the property to be sold.
2) The time and place of the sale.
3) A statement that the sale is being made pursuant to a final judgment.
4) The heading of the case.
5) The name of the clerk ordering the sale.

This notice must be published for two consecutive weeks prior to the sale with the last notice not less than five days prior to the sale. If the sale is continued for any reason the continuance and new date must be published in the newspapers where the property is located.

7) Foreclosure Sale

The sale is then held on the courthouse steps on the county courthouse where the property is located. The high Bidder is required to deposit by five p.m. five percent (5%) of the winning bid by certified check or cash with the clerk of the court. If the high bidder defaults on his obligations to make all payments within the prescribed time the high bidder will lose his/her deposit and the property will be re-advertised for sale.

CERTIFICATE OF SALE

Upon placing the deposit the clerk completes a certificate of sale and this served upon each interested party. This certificate of sale states the name of the high bidder and the price paid.

9) CERTIFICATE OF TITLE

If no objections are filed within the next ten (10) days the clerk will file a certificate of title. The property then passes to the high bidder.

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I have a house in Florida which I got an offer for a short sale. The company helping me, doesn’t give me a direct answer as to what the status is. We submitted the paper work w/ the offer over 3 months ago, and have yet to hear anything. How long does this take on average, once the offer is accepted by the bank? Thanks for your help!

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So much of the daily news is inundated with our new President Barack Obama flexing his muscles regarding the leaders in the banking industry, their salaries, bonuses, etc.

 

I wonder if any of these White House officials, senators, congressman, etc. have ever tried to purchase a home via a short sale.  These homes ARE the bad debt our tax dollars are going to “bail out”.  Why is it that no one is paying attention to this process?  If this process were regulated and streamlined, the banks would incur less debt as homes would close faster and for more money.

 

Being a Florida real estate broker this is something I and my associates experience each and every day.  Here is a portion of the typical short sale experience:

 

1) The seller owes more than the home can sell for;

 

2) Listing agent puts home on the market for fair market value;

 

3) Listing agent receives a good offer, has it signed & accepted by the seller and submits it to the bank, along with price comparisons of similar properties in the neighborhood to justify the sale.

 

4) Buyer waits for the bank’s response.  THIS IS WHERE THE BANK SHOULD HAVE TO RESPOND WITHIN AT LEAST 30 DAYS!  But they do not respond and no one requires them to do so.

 

Many of these short sales go 3, 6, 9 even 12 months without a response from the bank.  All the while the market values are going lower and lower.  The banks take so long to respond, by time they do respond the buyer refuses to pay what they initially offered as the home is no longer worth the originally offered price and can no longer appraise.

 

As an example, a client of mine offered $180,000 for a home in Fort Lauderdale.  It has been almost one year and we are not any closer to having a response from the bank than we were a few months ago.  The offer is an extremely strong offer, however, my client is getting ready to walk.  What happens to these homes after a year and the buyer walks?

 

Here is the real clincher.  The home gets foreclosed on at a cost of approximately $50,000 to the bank and gets put back on the market only to sell for $160,000 – $170,000 instead of the original $180,000 offered.  You can see how an estimated additional debt of $70,000 has been CREATED by the bank all because they do not respond to these short sale offers in a reasonable time period.  And this is only ONE home out of tens of thousands.  We, the taxpayers, are paying for this additional debt when the debt could have been limited to the difference between what the original seller owed and fair market value.

 

I sincerely wish that Obama or someone from his team would look at this issue and place regulations as it could save hundreds of millions of dollars countrywide.  If the short sales would close faster, our housing market would rebound faster as when there is less inventory, prices begin to rise.

 

The short sale process.  One would wonder how it ever got its name.

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Florida Foreclosures

Foreclosures happen in Florida when an individual or group is severely delinquent in payments or can no longer make payments on their mortgage. Any number of situations can contribute to the foreclosure process beginning: an injury preventing work, the loss of a job, a divorce or other financial strains. Foreclosure is the process of the bank or lending institution getting the property back and reselling it to recoup their money.

Florida is a judicial state. This means that all foreclosures must use the court system for processing. Since banks differ and the courts are involved, the foreclosure process timeline varies slightly between individual cases. The average time frame is five to six months from the beginning steps until the finalization of a foreclosure.

Steps Taken to Foreclosure

The first steps fall under the pre-foreclosure period. The mortgage holder is late with payment, but remain in the property while the foreclosure proceedings progress.

Notice of Default

The Notice of Default is the first indication of late payment. It is a written notice sent to the mortgage holder by the mortgage lender. It will state how much money is owed and how late the payment is. A Notice of Default will state what you need to do in order to become current on your payments and prevent foreclosure from happening.

Lis Pendes

Lis Pendes is paperwork filed by the mortgage lender in the county courthouse. It states their intention to sue the property owners if they do not receive the mortgage monies. The court then creates the paperwork that notifies all parties involved about the upcoming lawsuit and the terms.

Action

Notice of Action is the next step in the foreclosure process. When a mortgage holder cannot pay the terms stated in the Notice of Default and goes further in delinquency, a Notice of Action is posted in the local newspaper. It states the mortgage lender’s written demands to be paid on their loan and their intent to take back the property if the payment is not made.

Once the Notice of Action is posted, the formal foreclosure process takes place.

Foreclosure Action

A foreclosure action, which is a lawsuit filed under the county where the property is located, is made. This states the intent of the mortgage company to evict the residents and take over ownership of the property. They will post the date and time of the auction where the property will be sold, anywhere from three to six weeks in the future.

Redemption

At any time before the auction of the property, the mortgage holder can take back the property if they can pay off the mortgage in full. If they can pay for the mortgage in full, the proceedings are halted and the mortgage holders can move in and reassume ownership of the property.

Sheriff’s Sale

The last step of the foreclosure process is the Sheriff’s sale. This is where the property is auctioned off to the highest bidder at the county courthouse. The price is low to begin, but can escalate if it is in a hot location. Once another bidder has won the auction and the property, the former mortgage holder has terminated all of their rights to the property. Within ten days of the successful sale, the title is transferred to the winning bidder.

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Advantage Florida Mortgage would like to know how long does the approval process take?

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