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Old 04-29-2013, 12:21 AM
 
Location: on the edge of Sanity
14,267 posts, read 16,571,609 times
Reputation: 7919

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Quote:
Originally Posted by Die Intellektuelle View Post
Lucky bastards; even if the home weren't in livable conditions the land itself is worth over $4,000. The home itself would take a few thousand to repair but nonetheless its a bargain.
The woman who was thrown out just underwent surgery for breast cancer. Her husband is currently in the hospital with congestive heart failure.

They're not as lucky I guess.
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Old 04-29-2013, 03:08 AM
 
9,441 posts, read 20,740,784 times
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Quote:
Originally Posted by justNancy View Post
When I wrote "I agree" earlier, I didn't realize the former owners are over 80 and in poor health. I'm not saying they should live in the house for free, but there's probably a lot more to this story than we know. I couldn't buy a home and evict 2 elderly people, even if I got a bargain and thought they should leave. They could have tried to sell it for years and were victims of the housing market.

Take the emotion out of it...they lived there for five years without paying on their mortgage...that was their choice. They could've, should've and would've, but DIDN'T.

They refused to pay the new owners rent, the new owners kicked them out because they (old owners) didn't want to leave and didn't want to pay to stay there.

Is it sad? Sure, but don't put yourself (young or old) into a financial situation you can't get yourself out of.
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Old 04-29-2013, 05:21 AM
 
Location: Cape Coral
319 posts, read 490,167 times
Reputation: 510
There are hundreds of these deals every year. The raw land alone is staggering. The County will put a piece of property on the Courthouse steps for unpaid taxes.

Delinquent taxes and impact fee auctions go uncontested. The mortgage holder always has right of recision (sp). If the note is low or if there is no escrow account the banks get screwed.
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Old 04-29-2013, 05:52 AM
 
Location: livin the dream
152 posts, read 316,089 times
Reputation: 51
The two banks may still have a lien on the property, Which the new owners would need to take care of.

What seems too good to be true, usually is.
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Old 04-29-2013, 07:14 AM
 
Location: Florida Space Coast
2,333 posts, read 4,365,296 times
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no one can answer the question whether the new deed holders own the house free and clear. There are pretty clear foreclosure laws regarding liens, initiating foreclosure and senior liens. Some liens survive foreclosure auctions and some don't. what is unclear is "impact fees" and if they are considered the most senior over the other debts. this is going to be decided in a court not a newspaper article. The other thing that is interesting is the previous owners had supposedly went into bankruptcy. If you go into bankruptcy it gives you some protection from your creditors. so it also has to determine whether or not "impact fees" are a debt you can be protected from. If not the city may not have had the ability to foreclose in the first place. again no one will be able to decide this it's going to go to a judge. Although it may seem like a great deal on the surface, this could end up being a nightmare of a deal to the new deed holders. but a court could easily say the city had a right based on their charter that superceded the mortgage, and view it as a senior lien to the mortgages, and then it becomes an issue of notification of all lien holders.

There are so many issues with this one legally, but I think it goes back to this.... if you don't know what you're doing stay away from auctions.
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Old 04-29-2013, 01:45 PM
 
Location: on the edge of Sanity
14,267 posts, read 16,571,609 times
Reputation: 7919
Quote:
Originally Posted by nhkev View Post
There are so many issues with this one legally, but I think it goes back to this.... if you don't know what you're doing stay away from auctions.
Good advice.
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Old 04-29-2013, 04:28 PM
 
Location: cape coral
244 posts, read 432,057 times
Reputation: 168
I think it is similar to purchasing a tax certificate - you just purchase the tax lien for a certain amount, but not the whole property - that means you just pay the amount owed to the tax collector- that does not give you ownership to the property. All the other lien holders (including m ortgages) are still on the property and will stay with the property until satisfied.
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Old 04-29-2013, 04:34 PM
 
Location: Florida Space Coast
2,333 posts, read 4,365,296 times
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I disagree in a tax certificate they are not foreclosing they are selling the interest rate and the debt not the property. The city foreclosed and in most cases if there is a foreclosure auction the highest bidder gets the property free and clear with some exceptions. If someone buys the tax certs and doesn't get paid within 3 yes then they can initiate the foreclosure
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Old 04-29-2013, 08:11 PM
 
549 posts, read 403,665 times
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Quote:
Originally Posted by nhkev View Post
The city foreclosed and in most cases if there is a foreclosure auction the highest bidder gets the property free and clear with some exceptions.
This is from the official Lee County’s auction site
https://www.lee.realtaxdeed.com/inde...&zmethod=START

Quote:
Does the tax deed sale erase all other liens on the property?
No! There may still be other encumbrances (judgments, priority mortgages, taxes or liens) that survive the sale. The winning bidder takes title to the property subject to all defects, liens, encumbrances and matters of which he/she has or could obtain knowledge. It is the bidders responsibility to perform all research regarding the property, including the value, title defects, liens, mortgages or other encumbrances. The Clerk's Office does not guarantee a clear title and is not responsible for any encumbrances on the property purchased at auction.
The laws regarding foreclosures are extremely complicated. It is recommended that all bidders perform a title search and consult an attorney prior to placing a bid.
According to county’s property record, this was a quit-claim deed sale, which means the new owners are responsible for the mortgage balance, and probably would be better off buying a “regular” property.
http://www.leepa.org/Display/Display...e&PhotoIndex=1
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Old 04-30-2013, 07:01 AM
 
Location: Florida Space Coast
2,333 posts, read 4,365,296 times
Reputation: 1514
Quote:
Originally Posted by vvega View Post
This is from the official Lee County’s auction site
https://www.lee.realtaxdeed.com/inde...&zmethod=START



According to county’s property record, this was a quit-claim deed sale, which means the new owners are responsible for the mortgage balance, and probably would be better off buying a “regular” property.
Lee County Property Appraiser - Online Parcel Inquiry

I said in most cases with some exceptions. the reason the court house puts that disclosure is because some auctions are not free and clear for example if the person owes money to the IRS that goes with the deed and the new owner will owe that. If a 2nd mortgage forecloses the new owner would still be responsible for the first mortgage. the questions here (which are unknown to me and to many others) is the impact fees considered a higher lien to mortgages, a tax lien is, which is why a first mortgage company pays them off before a foreclosure. and the other is that if the owner were in bankruptcy protection are they protected from foreclosure due to impact fees. the article said they are taking it to court because they felt the cities policy was unconstitutional. It is impossible to have a right or wrong answer on this one, the courts will have to decide it. but the fact that it is a quit claim deed makes me wonder. a tax sale they give a tax deed, bank foreclosure is a certificate of title, in general a quit claim it is essentially a party giving up it's claim and that's it. but it doesn't always mean that parties behind on the title can still exercise a claim.

Last edited by nhkev; 04-30-2013 at 07:18 AM..
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