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Ray, Lawyer
Category: Legal
Satisfied Customers: 42866
Experience:  30 years in civil, probate, real estate, elder law
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I am in foreclosure on my home and even though I have the opportunity

Resolved Question:

I am in foreclosure on my home and even though I have the opportunity to save my house the value is not in it. I have a close friend who wil purchase a home in his name with a morgage. Can i be a co-signer on the morgage and be considered a homeowner so that i can get my homestead exemption. Also, what tax sitiuation will this put my friend in.
Submitted: 7 years ago.
Category: Legal
Expert:  Ray replied 7 years ago.
Thanks for your question.If you give the first house to foreclosure they will likely seek deficiency judgment.If you are on title here of another house the judgment would attach to anything on your name.The other person here if they buy it and title it in their name then they own it and your creditors can't touch it.And friend has to pay taxes on it here.To me this is the way to go if you are planning to let your home go.For that matter you may have to file bankruptcy here to get rid of deficiency judgment if they pursue.
Customer: replied 7 years ago.

I filed bankruptcy and it finalized a little over a year ago. Can I file again on my home only? Filed chapter 13.

Is there any way that if my friend gets the morgage in his name only, can he legally give my a seperate morgage through himself so that I can get the homestead exemption and all that goes with buying a home.

Expert:  Ray replied 7 years ago.
Thanks for your question.Only one bankruptcy here for at least seven more years.And no to the second one.The friend has to pay taxes.Sorry but you can't get around this given your situation.You are better off keeping this out of your name.
Customer: replied 7 years ago.
How long do you think it would be before the bank kicks my out of my home once I stop making payments. I have to let them know tomorrow if I accept their offer of a re-modification loan at $131,000.00 when the house is valued at $58,000. I don't think it is worth keeping this place as i would never have any equity in this house. Am i given at least a 30 day notice of evication?
Expert:  Ray replied 7 years ago.
You are looking here at least eight months here.I am giving you reference to time line.

What is the Florida Foreclosure Time Line?

When you buy a house in Bradenton, Florida with borrowed money, your lender will place a lien against your property by using a Mortgage or a Deed of Trust. The Deed of Trust or the Mortgage is recorded at the courthouse telling the public that you owe them that amount of borrowed money. You will sign a Note, which you personally guarantee that you will pay the borrowed money back to the Lender.

FIRST MONTH: Sellers get behind on their first payment. They receive a letter from the lender advising them that they did not receive their payment.

SECOND MONTH: Sellers get behind on their second payment. They receive a letter from the lender advising them that they did not receive their payment and they need to remit a payment promptly.

THIRD MONTH: Sellers get behind on their third payment. They receive a letter from the lender advising them that they did not receive the payment and that the lender has forwarded this file to the Attorney. The Attorney will start foreclosure proceedings if the seller does not pay.

FOURTH THROUGH EIGHT MONTH: A Complaint for Foreclosure Summons and a Notice of Lis Pendens is filed with the Court advising the public that the Sellers are in foreclosure.

  • Lis Pendens notice served followed by 20 days to file an answer. The serving could be immediately because they are easy to personally serve or it could take some time if they have moved and cannot be found. If the Plaintiff/Lender cannot find the Defendant/Sellers to serve, they will have to publish in the newspaper for a period of a month or more depending on the statute of law. Once service is made on each party, they have 20 days to answer the Complaint from the date they are served. Most Sellers do not answer the Complaint.
  • Answering the Complaint may delay the time period for the foreclosure but with no guarantee. When ALL PARTIES (they serve husband, wife, tenants, all other occupants, other lien holders) are served, there is a hearing date scheduled.
  • After the answer period ends (and sometimes even before) the lender's attorney will file a motion with the court to declare summary judgment. There is an additional 20 day answer period before the hearing can be held. Defendants are allowed to attend the hearing and speak. It is recommended that an attorney speak for the borrower if they so desire.
  • At the hearing the judgment is entered and a sale date is set (usually in 30 days). Then the property is sold at auction to the highest bidder.

After the sale, there is a 10 day waiting period after the foreclosure sale before Clerk issues Certificate of Title. At that time the new owner can have the Sheriff show up and set the old owner's possession out on the curb. The lock's can be changed and old owner would be trespassing if they go back into the house.


Might be more like a year if they have a bunch and are backed up.

Customer: replied 7 years ago.

I live in Riverview with courts being in Tampa. Should I assume the same procedure works in the tampa courts as well?


If I take everything out of the house, light fixtures, appliances, etc. before leaving, is there any problem with this?


Also, if I rent out the house until the 10 day waiting period is this a problem?

Expert:  Ray replied 7 years ago.
I would not necessarily advise you to take fixtures.They are going to sell this house.The less it sells for the more the deficiency here.If you have appliances that aren't built ins they are part of the house.You have right to rent tthe house here.
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