Tag Archives: bank owned homes

Foreclosure Properties: Common Buyer Mistakes

Buying a foreclosed property is much different than a traditional home purchase. Certain repairs and defects often associated with foreclosed property may require significant and often overly burdensome cost and attention, so it is important to know what you are taking on. During the growth of the foreclosure problem in Florida, homebuyers across the State have been abundantly utilizing Foreclosure Auctions and Short Sales to purchase homes and property for costs well below market value.

However, when purchasing a home, especially in short sale or foreclosure auction, it is important to inspect the premises and discover any defects or structural deficiencies prior to closing on the home. Many times, homebuyers who purchase a short sale ignore defects and property deficiencies because the bargain is too good to pass up. Often, this creates problems that end up costing more than the bargain is worth.

Homebuyers tend to become so passionate about purchasing the real estate at such a lower cost that they refuse to accept the risks that can arise. Common mistakes include:

  • Ignoring property problems – Severe problems with the property may exist due to neglect, mold exposure, termites, and even vandals. Structurally, these homes may be in severe disrepair and even uninhabitable.
  • Ignoring legal and Insurance Information- Information that identifies any flood exposure or renovations and repairs made on the home is available to homebuyers and should be utilized to identify possible flaws and dangers that may exist on the property.
  • Failing to have the home inspected – Many buyers are so anxious to proceed with the acquisition of the property that they fail to have an adequate inspection of the premises conducted. Later, latent defects can become huge problems and the homeowner may incur exorbitant costs to repair the damages.

If you or your family are purchasing a home and have concerns regarding short sales or foreclosure auctions, call Blick Law Firm today at (813) 931-0840 and schedule a free 15-minute consultation with attorney Michael Blickensderfer.

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Tampa Bay Red Light Traffic Camera Fines

In 2010, the legislature passed the Mark Wandall Traffic Safety Act, named after a Bradenton man who was killed by a red-light runner in 2003. The Act authorized the use of Red Light Cameras to record footage of motorists running red lights and then issuing violators a traffic citation accordingly.

Conflicting studies on the effectiveness of the Red Light Cameras have produced inconclusive results, but proponents of the cameras insist that the legislation saves lives. However, Florida drivers across the state have fought against the constitutional validity and overall effectiveness of the cameras asserting that the purpose of the cameras is solely to increase government revenue.

Nonetheless, Courts across the state have upheld the validity of the legislation and are enforcing the fines against drivers found in violation. Each ticket is a hefty $158, but no points are assigned to the driver’s record.

If you have been issued a citation for violating a photo enforced red light and have questions concerning your rights, call Blick Law Firm today at (813) 931-0840 to schedule a free 15-minute consultation with attorney Michael Blickensderfer.

*** For your reference: the following link is a map of all red light camera locations in the Tampa Bay Area, provided by my Fox Tampa Bay.

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Foreclosure Auctions and Short Sales: Common Buyer Mistakes

During the growth of the foreclosure problem in Florida, homebuyers across the State have been abundantly utilizing Foreclosure Auctions and Short Sales to purchase homes and property for costs well below market value.

When purchasing a home, especially in short sale or auction, it is important to inspect the premises and discover any defects or structural deficiencies prior to closing on the home. Many times, homebuyers who purchase a short sale ignore defects and property deficiencies because the bargain is too good to pass up. Often, this creates problems that end up costing more than the bargain is worth.

Homebuyers tend to become so passionate about purchasing the real estate at such a lower cost that they refuse to accept the risks that can arise. Common mistakes include:

  • Ignoring property problems – Severe problems with the property may exist due to neglect, mold exposure, termites, and even vandals. Structurally, these homes may be in severe disrepair and even uninhabitable.
  • Ignoring legal and Insurance Information- Information that identifies any flood exposure or renovations and repairs made on the home is available to homebuyers and should be utilized to identify possible flaws and dangers that may exist on the property.
  • Failing to have the home inspected – Many buyers are so anxious to proceed with the acquisition of the property that they fail to have an adequate inspection of the premises conducted. Later, latent defects can become huge problems and the homeowner may incur exorbitant costs to repair the damages.

If you or your family are purchasing a home and have concerns regarding short sales or foreclosure auctions, call Blick Law Firm today at (813) 931-0840 and schedule a free 15-minute consultation with attorney Michael Blickensderfer.

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Foreclosure potential solutions

Foreclosure is the process in which the lender of mortgage money takes control of the mortgaged property and sells it to raise money to pay on the debt owed by the borrower. A foreclosure happens when one stops paying the mortgage payments, usually for a period of at least three to four months. At that point, the mortgage company has a right to foreclosure, and legally follows a standard process similar to an eviction.

If your property becomes subject to foreclosure, here are some potential remedies:

Reinstatement – To avoid the completion of the foreclosure process, you may be able to reinstate the loan by making payments on the past due amount. Generally, the lender will be cooperative if you bring your account up to date, or demonstrate that you now have the means to catch up on the past due payments.

Mortgage Modification – The lender may be willing to modify the terms of the mortgage. Modification of the agreement may involve adding payments to the end of the mortgage and simply extend the term of the loan. Modification of the mortgage agreement may also be made by reducing the interest rate of the original Mortgage Agreement, and it could include partial forgiveness of the amount of money you owe.

Forbearance Plan – As a borrower you may be able to file a forbearance plan with your mortgage provider. Under this arrangement, the lender will agree not to pursue the foreclosure action; but, the lender will likely require proof of adequate means to satisfy the repayment on the loan. This is generally a viable option if you have encountered a temporary setback such as poor health or loss of employment.

Deed in Lieu of Foreclosure – You may also deed the home back to the mortgage provider if the lender agrees to accept a Deed in Lieu of Foreclosure. The lender will take back the property and cancel the remaining debt. You will be unable to keep your home, but avoid foreclosure and minimize the detriment to your credit score.

Short SaleTo avoid foreclosure, you may also be able to sell your home for less money than owed. A short sale can be completed by finding a buyer to purchase the home and is willing to pay current market value, and having the mortgage provider agree to the sale. Any shortage after the sale will then either be written off by the lender and a IRS 1099 be issued to the seller, or a deficiency remains which the lender may pursue to collect against the seller.

Foreclosure continues to be a growing problem in Florida, and if it happens to you, the worst thing to do is ignore it.

Call Blick Law Firm today at 813-931-0840. Make an appointment for a free 15 minute consultation with Attorney Michael Blickensderfer to see what your legal rights are in defending a foreclosure action.

 

 

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