Get houe back in forclosure?

Cliff

Cliff

New Member
Jurisdiction
Florida
If I foreclose on a house I hold the mortgage on, because of lack of insurance, do I get the house back, without having to auction it off?
Or do I have to auction off and give them amount over what is owed + expenses?
 
Cliff said:
If I foreclose on a house I hold the mortgage on, because of lack of insurance, do I get the house back, without having to auction it off?
Or do I have to auction off and give them amount over what is owed + expenses?
Click to expand...


You MUST read the contract/note BEFORE you do anything.

The note/contract should describe the foreclosure process.

Meanwhile, here is the foreclosure law explained for Florida:

In Florida, foreclosures are judicial, which means the lender (the plaintiff) must file a lawsuit in state court.

The lender's attorney initiates the foreclosure by filing a complaint with the court and serving it to the borrower, along with a summons that provides 20 days to file an answer.

YOU can't just take the property.
You must take the matter to the PROPER court.

https://www.propertyshark.com/info/foreclosure-process-florida/
 
Understand tat. Just asking if I can just keep the house, or have to auction off and pay and excess of amt. owed + expenses, back to borrower?
 
A look at the link posted by Army Judge suggests that the auction is mandatory.

Is insurance the only issue? Is the buyer still making payments? Is there nothing in your contract that allows you to insure the property and add the cost to the payments?
 
Cliff said:
Understand tat. Just asking if I can just keep the house, or have to auction off and pay and excess of amt. owed + expenses, back to borrower?
Click to expand...

I doubt very much that after all fees and expenses are deducted for selling th eproperty that there will be any profit for anyone.

That probably means that if you're owed $50,000 (for example), the house sells for $30,000, you're still left holding a piece of paper and never got any money even after the court proceeding, foreclosure, and sale.

If the debtor is a deadbeat, with very few assets, taking it to court gains you nothing.

People who buy property at foreclosure sales are thrifty to the "max", who desire to make as much money on foreclosed properties as possible.
 
adjusterjack said:
Is insurance the only issue? Is the buyer still making payments? Is there nothing in your contract that allows you to insure the property and add the cost to the payments?
Click to expand...

Great questions that a smart lender always asks BEFORE disbursing any funds.

However, a very smart lender might never have made the loan, absent better collateral, security, or a higher down payment.
 
adjusterjack said:
A look at the link posted by Army Judge suggests that the auction is mandatory.

Is insurance the only issue? Is the buyer still making payments? Is there nothing in your contract that allows you to insure the property and add the cost to the payments?
Click to expand...
The owner is making payments.
If I could I would insure it.
Can't do without 30 day wait. Called 3 agents. All the same answer.
Only question. After foreclosing, can I just keep house, instead of putting up for auction?
 
Cliff said:
The owner is making payments.
If I could I would insure it.
Can't do without 30 day wait. Called 3 agents. All the same answer.
Only question. After foreclosing, can I just keep house, instead of putting up for auction?
Click to expand...
No...As several volunteers have already told you on this thread...including two attorneys.
 
army judge said:
Great questions that a smart lender always asks BEFORE disbursing any funds.

However, a very smart lender might never have made the loan, absent better collateral, security, or a higher down payment.
Click to expand...

As if you know how much the down payment was. Or other details.
 
Cliff said:
If I foreclose on a house I hold the mortgage on, because of lack of insurance, do I get the house back, without having to auction it off?
Click to expand...

Please clarify what "get the house back" means.

Cliff said:
Only question. After foreclosing, can I just keep house, instead of putting up for auction?
Click to expand...

That question has been answered multiple times.

Cliff said:
As if you know how much the down payment was. Or other details.
Click to expand...

The amount of the down payment isn't relevant to your "only question." And, if there are relevant details we don't know, that's no one's fault but yours.
 
Cliff said:
The owner is making payments.
Click to expand...

If there was no insurance requirement in your mortgage contract (you haven't said) then you have no grounds to foreclose because there is no breach of contract.

If you sued for judicial foreclosure without grounds you could be countersued for the the buyers defense costs.

Cliff said:
If I could I would insure it.
Can't do without 30 day wait. Called 3 agents. All the same answer.
Click to expand...

Did they say why a 30 day wait?

What kind of building is it?

Instead of "calling" agents, pick a few large independent agencies and walk in the door and sit down with an agent. Bring photos of the property and every bit of information you have about it and bring your checkbook.
 

Share this page

Get a free case review from a lawyer
Back
Top