Foreclosure help please (Sarasota, Holiday: short sales, foreclosures, rent)

[Jenatu]

I need advise on where I can check status of my foreclosure via Internet. I live in Sarasota County & have a friend in foreclosure in Manatee County. We need to know how much time we have before we have to leave the homes we love and put so much $ into.
Are their really any chances on us keeping the home with any new bills being proposed? Should holding off on bankruptcy be an option?
This is extremely depressing losing a home people work soo hard to get, and hope there are people out there honestly wanting to help, instead of acting like the past meat eater flippers (which are now the realtors scarffing up on foreclosures) to gain a dollar on someone elses life!
Sorry if I seem cold, but unless yourself have gone thru a lay off, unemployment, divorce, huge medical expenses or whatever caused your inability to pay and keep your house you raised children in, Holidays you cherished in the home, built from ground, soooo many memories, huge upgraded improvements, please do not respond in a negative way.
Need information please.
Thanks

[mr&mrssunshine]

we have the same situation here in the Uk -sorry for your bad luck. There should be a government programme that buys a home and lets the owner stay and rent but they are busier bailing ouit the banks. I have seen ads in Florida of a private company that does this-have you tried them?


good luck

[FLBob]

One place you can check is the HUD's hope for homeowners website
The program as written really can't help many people but the link I provided above does have a lot of information, including how not to get scammed.
The site will also direct you to HUD approved counseling agencies, where you can deal with people that may be able to give you the guidance that you need.
Hopefully you're already talking with your lender, sometimes the lender will workout a period of forbearance where they will take a reduced payment or no payment until you can get back on your feet. Good luck.
Who's your lender?

[SoFLGal]

You can check the status of your foreclosure on Sarasota County Clerk of the Circuit Court. Just type your name in and all the info regarding your home and any foreclosure preceding should pop up. Now for Manatee County Clerk of the Circuit Court you can look here. (http://www.manateeclerk.com/or/ormain.htm - broken link) The best thing to do is to speak with your lender and see if there are any other options. Possibly a loan modification or repayment plan. If you have an FHA loan, you can get a one-time loan from the FHA that will bring you current and is placed as a lien on the property that you would have to pay back if you sell or refinance the home. This is called a partial claim. You would have to contact the FHA directly for this one time payout to get you caught back up on your mortgage.

You can offer the bank a, deed in lieu of foreclosure, which means you're voluntarily giving the property back to the bank and they are agreeing that the property is payment in full of the loan. This is not much better than a foreclosure, and you have to leave the property anyway, but it will prevent the sheriff sale and eviction process. The bank will not be able to ask for any extra money or sue you for a deficiency judgment, because they accept the property itself as satisfaction of the loan.

What about trying to do a short sale? That might buy some time. It is usually less of a hit on your credit as well. Short sales are a good option if you owe more on the property than it is currently worth. A short sale means the bank accepts less than what they are actually owed, and would allow you to get out of the loan, at least. If you decide to go that route make sure you have the Realtor write in the contract that the bank will forgive you for the debt that was not collected.

Usually the banks send you out paperwork as to the status of the foreclosure and how long you might have until the property is foreclosed on. It's hard to say how long you have when I don't know the paperwork that has been filed. The eviction process takes about a week to 30 days. Then the sheriff will come and put a sticker on your front door and then you have three days from that point.

Good luck.

[Big House]

Originally Posted by SoFLGal

You can check the status of your foreclosure on Sarasota County Clerk of the Circuit Court. Just type your name in and all the info regarding your home and any foreclosure preceding should pop up. Now for Manatee County Clerk of the Circuit Court you can look here. (http://www.manateeclerk.com/or/ormain.htm - broken link) The best thing to do is to speak with your lender and see if there are any other options. Possibly a loan modification or repayment plan. If you have an FHA loan, you can get a one-time loan from the FHA that will bring you current and is placed as a lien on the property that you would have to pay back if you sell or refinance the home. This is called a partial claim. You would have to contact the FHA directly for this one time payout to get you caught back up on your mortgage.

You can offer the bank a, deed in lieu of foreclosure, which means you're voluntarily giving the property back to the bank and they are agreeing that the property is payment in full of the loan. This is not much better than a foreclosure, and you have to leave the property anyway, but it will prevent the sheriff sale and eviction process. The bank will not be able to ask for any extra money or sue you for a deficiency judgment, because they accept the property itself as satisfaction of the loan.

What about trying to do a short sale? That might buy some time. It is usually less of a hit on your credit as well. Short sales are a good option if you owe more on the property than it is currently worth. A short sale means the bank accepts less than what they are actually owed, and would allow you to get out of the loan, at least. If you decide to go that route make sure you have the Realtor write in the contract that the bank will forgive you for the debt that was not collected.

Usually the banks send you out paperwork as to the status of the foreclosure and how long you might have until the property is foreclosed on. It's hard to say how long you have when I don't know the paperwork that has been filed. The eviction process takes about a week to 30 days. Then the sheriff will come and put a sticker on your front door and then you have three days from that point.

Good luck.

Wow! I didn't know that all these options were available. You really did a great job explaining it. I hope this helps Jenatu have some more options, and given time, may be able to work something out.

Jenatu,
Sorry to hear about your plight! It is one of the things that makes me feel terrible about how things have turned out with this mortgage fiasco. It is crushing everyone, not just the investor/flippers who clearly took a calculated risk. I feel bad for them too, but when it comes down to losing the place you live, it is really tough! This is such a tough issue for all.