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Gainesville Florida Renter Rights During Foreclosure

Gainesville Florida Renter Rights During Foreclosure

Gainesville Foreclosure News: “Protecting Tenants at Foreclosure Act” (PTFA) is part of the “Helping Families Save Their Home Act of 2009” (S.896). It gives protection to tenants who live in homes that are bound to foreclose. This law was supposed to end at the end of 2012 but has been extended recently to December 31, 2014.

HUD –approved housing counselors are groomed in giving helpful advice for free.
If you are a tenant in the midst of a foreclosure dilemma, it will be wise for you to seek professional advice from these counselors. Click here to view HUD’s website.

http://portal.hud.gov/portal/page/portal/HUD/i_want_to/talk_to_a_housing_counselor

Additional Foreclosure News Information:

Florida Statutes, Chapter 83, Part I

This applies to nonresidential leases and the rights of the tenants in residential leases are covered in Part II. The statute states the lease requirements and the rights and responsibilities of both the tenant and the landlord. Although specific guidelines for the foreclosure of rental property are not expressed in the statute, the provisions that were included provide insights on how renters may respond in such circumstance in accordance with their rights.


Provisions for Gainesville Tenants with and Without a Lease

Existence of a legitimate lease will determine the renter’s eligibility to be under the PTFA’s protection. Renters under a lease have the freedom to stay in the home until the lease period expires. They will have enough time to look for other homes to live in during this grace period. A 90-day notice of the foreclosure action and tenancy termination will be given to tenants renting monthly or at will.

Tenant may get paid to end Gainesville Florida lease

Gainesville Florida Foreclosure News reports that the owner of homes who would like to move in the house right away have the option to offer “cash for keys” – The short sale bank offers payment to the tenant in exchange of forfeiting their lease – to the renters leasing the home. This is usually practiced in homes that are being foreclosed.The renters who enter into this kind of agreement are expected to leave the home clean and everything in good condition.
The short sale bank will offer a payment to the tenant and in return, they will have to forfeit their lease.

The lease becomes legitimate by law when:
1. The lease was out of an arms-length transaction;
2. The lease requires the receipt of rent that is not considerably below fair market rent for the home or the unit’s rent is minimized by a Federal, State, or local subsidy; and
3. The mortgagor or the spouse, child, or parent of the mortgagor under the lease is not the tenant.

Other Articles to Read:

Gainesville FL Foreclosure News – Loan Modification Failures Are Rising

Banks to Prove they Own Note to Foreclose

Gainesville Short Sales – Mortgage Relief For Unemployed

Avoid Notice of Default – Refinancing Balloon Mortgages

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

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Gainesville Florida Lease Deposits During Foreclosure

Gainesville Florida Foreclosure News – Lease Deposits During Foreclosure – Delays on mortgage payments by the landlord result to a foreclosure. A judicial process for foreclosures is required in Florida; therefore, the lender must file a foreclosure case by court.

A notice of lawsuit is posted on the home. The landlord has the option to either negotiate with the lender or make full payment on the home in order for the foreclosure not to proceed. The tenants are also notified and this is through a notice posted on the home once the schedule for the foreclosure sale has been set.

To ensure recovery of lease deposits – for security, pets, etc. – from the landlord, Gainesville Florida renters should respond quickly as soon as the notice comes. Delay to act lessens their chance to get a refund. Renters should also inquire about the foreclosure in order to be guided on what to do.

Renters can file a lawsuit

Gainesville Florida renters who will be pressured to move out from the foreclosed home, according to Foreclosure news, can file lawsuits in state court for the damages. A breach of contract case may be filed in court for early termination cases. Claims of fraud may also be filed in court if the landlord continued collecting rent even after the home was foreclosed. The renter may be able to go to Small Claims Court for these charges depending upon the amount of lease.

Other Articles to Read:

Gainesville Homes Short Sale Update – Freddie Mac LP Relief Program Can Save Your Home

Gainesville Short Sale Update – Banks Are Calling Homeowners To Solicit Short Sales

3 Questions to Ask Before Hiring Gainesville Short Sale Agent

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville Short Sales – Mortgage Relief For Unemployed

Gainesville Short Sales – Mortgage Relief For Unemployed Starting March 1, the mortgage servicers will be required by Fannie Mae to come up with a new program that will give forbearance relief to borrowers who are unemployed. The servicers will be granted the right to give out relief up to 6 months even without the government-sponsored enterprise’s approval. Borrowers needing forbearance up to 12 months will be given special consideration. Specific guidelines have been made which simplify and centralize the use of forbearance according to the GSE.

Starting Feb. 1, Foreclosure News reports, Freddie Mac will be giving 12-month forbearance plans. In the third quarter, according to Federal Housing Finance Agency, the GSE servicers were able to give out 7,000 forbearance plans – this number is lower compared to the 8,000 plans given in the last three months. In the second quarter of 2010, the forbearance offers reached 20,000. Those qualified for the program include delinquent borrowers and those who are subject for default.

To qualify for the extension of forbearance plan, the borrowers should have a reservation of 12 months worth of mortgage payments and have more than 31% housing expenses monthly out of their income.

The forbearance plan for loans placed into mortgage-backed securities (MBS) cannot exceed the last payment scheduled. Servicers can provide forbearance plans amounting to 6 months for Mortgage Backed Securities pools given between June 1, 2007 and Dec. 1, 2008. For Mortgage Backed Securities issued prior to May 1, 2007 and after Jan. 1, 2009, longer plans can be doled out.

Servicers are being required by Fannie Mae to have an assessment for each borrower in order to determine those who are not eligible for the forbearance program, so they could find alternatives to avoid foreclosure. The servicers can have the verbal information given by the borrower as basis for their decision as long as it is documented in the loan file. To have an extension, the borrower is required to submit a documentation package before the first forbearance plan ceases.

Within 120 and 135 days of the forbearance plan, the servicer must check the borrower’s status of employment. The servicer is also required to communicate with the borrower on a monthly basis during the extended forbearance plan and reevaluate the eligibility of the borrower. Fannie Mae, reports Foreclosure News, will obligate servicers to preserve any previous mortgage insurance. These lenders are obligated to obtain consent from the MI company prior to taking necessary measures required in the policy. According also to the guidelines that were set, all unpaid late charges must be waived in case the borrowers receive a modification by the Home Affordable Modification Program. Lastly, during the forbearance program, the lenders have no right to amass late charges to the borrower.

Other Articles to Read:

Where will the mortgage settlement fund go?

My Gainesville Short Sale Appraisal Came in Low, Now What?

When can you obtain a mortgage again after Bankruptcy – Short Sale – Foreclosure?

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

Banks have to Prove they Own Note to Foreclose

Banks have to Prove they Own Note to Foreclose


This highlights the 4th District Court of Appeal’s ruling, which requires lenders-banks to prove owning the homeowners’ note as prerequisite to foreclosure. This foreclosure news will give hope to homeowners who are facing foreclosure particularly for Gainesville Florida homeowners. Understand the difference between a mortgage and a note.

The said ruling may compel the lenders-banks to drop some of the cases they have against homeowners. Until they obtain the real note, they can’t proceed in starting the foreclosure over again. This is beneficial first and foremost for Gainesville Florida homeowners because they get a chance to prove their case in court. It will also benefit foreclosure defense lawyers and Gainesville Florida short sale agents in terms of having enough time to get a short sale approval for their sellers.

Foreclosure News also reveals Florida Supreme Court’s decision to work on a case that had undergone foreclosure already. Allegedly, the lender backdated the note when they presented it to court. The court claimed that the ruling they made on the case of the homeowner who had already lost his home would give a dent on the foreclosure crisis in Florida.

According to thousands of Florida homeowners, the lenders did not have the original note with them when they filed for the cases. The banks mostly resorted in acquiring the note prior to the final foreclosure summary judgment disposition. The appeals court, however, demanded for the banks to prove their ownership of the property prior to their filing of complaint toward homeowners and foreclosure summons.

The 4th District Court of Appeal administered the ruling that banks are deemed to have and prove ownership of the notes on which they have filed foreclosure.

According to Foreclosure News, instead of the summary judgment hearing; the homeowners are entitled to undergo evidentiary hearing. If the lenders/banks are not confident about the note, they will have to expel the case.

Summary judgments, according to foreclosure news, are only usual in foreclosure cases. For such issue, it is best to seek advice from a Florida foreclosure defense attorney.

Other Articles to Read:

Foreclosure News Reports On More Loan Transferring

Avoid Notice of Default – Refinancing Balloon Mortgages

Short Sale Top 10 Questions

Gainesville Florida Renter Rights During Foreclosure

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

Gainesville FL Foreclosure News – Loan Modification Failures Are Rising

Gainesville FL Foreclosure News reveals that foreclosures are on the rise while alternative modifications on these loans are declining. As of November 1, based on the Treasury Department data, about 10.6% of the 615,000+ abolished HAMP trials reached completion of the foreclosure process; this surpasses double the 4.4% of failed HAMP trials foreclosed on as of November of 2010.

Based on the Treasury data, about 39.7% of the cancelled HAMP trials have gone through the bank’s own private programs (we are seeing a sign here), dropping from 45.4% over the same time frame. As compared to last year, more of the Home Affordable Modification Program trials through foreclosure by Mortgage servicers have failed. It takes on average about 684 days in Gainesville Florida for a home to foreclose.

Although lower, foreclosure completions as a percentage of borrowers never accepted into HAMP trials are still on the rise. As of November 1, about 7.6% of 1.8 million borrowers denied a HAMP trial were able to finish the foreclosure process and this is a 5% increase from last year. Considered flat over the last year, about 26.5% of these borrowers were given alternative modifications.

The rising foreclosure completions on failed HAMP trials came about at almost every large servicing store taking part in the program and the highest increase has been observed by the Citigroup. About 13.5% of the 71,808 HAMP trials that Citigroup cancelled were able to complete the foreclosure process as of November 1, which is a 3.1% increase from the prior year.

As compared to 1.9% last year, about 9.3% of failed HAMP trials have gone through foreclosure at the Bank of America, they are the largest participant in the program. With an increase of 11.3% from 6.2% at JPMorgan Chase; and 12.8% increase from 6.4% at Ally Financial through the same time duration. OneWest Bank held the highest percentage in the program they are up by 10% from last year. OneWest foreclosed on more than 19% of the 20,000 failed HAMP trials. No wonder why Gainesville Florida homeowners are frustrated. At 6.7% – almost the same from last year – Wells Fargo obtained one of the lowest percentages of completed foreclosures on such modifications. This may indicate that the data is starting to rebound the higher re-default rates and that servicers are defining poorer performing private modification.

As compared to a 31% re-default rate for other private programs, 17% of the 108,000 HAMP modifications that started in the second quarter of 2010 have gone about 60 or more days behind through the year.

We will start seeing more Gainesville short sales and foreclosures on the market.

Other Articles to Read:

Gainesville Short Sales Update: If You Have A Short Sale Or Foreclosure, You May Owe Federal Income Taxes In 2013

Options To Prevent Gainesville Foreclosure when Unemployed

Real Estate Agents In Gainesville: Understanding FICO Scores

Gainesville Florida Lease Deposits During Foreclosure

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

Mortgages are Transferring for Loan Modifications

Mortgages are Transferring for Loan Modifications

Foreclosure News highlights Treasury Department’s data indicating that there were 35,000+ loans in Home Affordable Modification Program trials that had been transferred to Seterus, which is the Bank of America’s IBM servicing arm.

The operating assets of mortgage servicer, Wilshire Credit Corp., have been bought by the Armonk – a company based in New York – from BofA in March of 2010 and was given a new name, Seterus, by IBM in July . No loans have been transmitted in the deal during that time.

Foreclosure News reveals that BofA’s HAMP report from Treasury in November exhibited -32,714 new trial modifications for the recent month. It has also been revealed in a footnote by the Treasury that there had been an approximate of 35,000 modifications to Seterus coming from the Bank of America. No feedback had been released by IBM or BofA.

It was also found out that Fannie Mae has bought back mortgage servicing rights from BofA in the third quarter. Due to problems at the bank’s servicing department, the unpaid principal covered by the mortgage servicing reached $74 billion. Report say that Fannie Mae had the intention to transfer the loans to specialty servicing shops like Seterus. Contracts between the servicers and government-sponsored companies which grant such compromise are being reviewd by the FHFA.

The 35,000 HAMP trials transferred to Seterus would almost place it to the top 10 biggest servicers in the program. American Home Mortgage Servicing provided extensions for the 42,000 HAMP trials, which is the 10th largest among servicers.

Since the program started in March 2009, 527,000 three-month HAMP trials have been offered by BofA and 171,000 of those HAMP trials have been converted into permanent modifications. An estimate of 184,000 HAMP-eligible mortgages are being held by BofA.

Other Articles to Read:

When can you obtain a mortgage again after Bankruptcy – Short Sale – Foreclosure?

Where will the mortgage settlement fund go?

Gainesville FL Foreclosure News – Loan Modification Failures Are Rising

Avoid Notice of Default – Refinancing Balloon Mortgages

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.