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Get houe back in forclosure?

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by Cliff, Jun 22, 2020.

  1. Cliff

    Cliff Law Topic Starter New Member

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    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?
     
  2. army judge

    army judge Super Moderator

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    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/
     
  3. Cliff

    Cliff Law Topic Starter New Member

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    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?
     
  4. adjusterjack

    adjusterjack Super Moderator

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    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?
     
    army judge and justblue like this.
  5. army judge

    army judge Super Moderator

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    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.
     
  6. army judge

    army judge Super Moderator

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    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.
     
  7. Tax Counsel

    Tax Counsel Well-Known Member

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    The property gets put up for auction and then you can bid in on the auction yourself if you wish.
     
  8. Cliff

    Cliff Law Topic Starter New Member

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    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?
     
  9. justblue

    justblue Well-Known Member

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    No...As several volunteers have already told you on this thread...including two attorneys.
     
  10. Cliff

    Cliff Law Topic Starter New Member

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    As if you know how much the down payment was. Or other details.
     
  11. justblue

    justblue Well-Known Member

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    What an silly and snarky comment to make to the attorney volunteer.
     
  12. zddoodah

    zddoodah Well-Known Member

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    Please clarify what "get the house back" means.

    That question has been answered multiple times.

    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.
     
  13. adjusterjack

    adjusterjack Super Moderator

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    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.

    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.
     

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