Answers to all Florida Probate Questions
What I should know if I become “Personal Representative” or “Executor” of a Probate Real State.
Being the “Personal Representative” of an Estate can be a difficult task! in most states , a Personal representative or Executor is assigned to manage the Estate of the deceased.
After the person passes away, the Florida Probate Court or the Will, will determinate who the Personal Representative should be to manage the Florida Estate.
The Duties of the Personal Representative are: to pay off all the creditors ( known & unknown ) of the deceased first, then to distribute the remaining assets according to the instructions left in the Will !
If there are not Will, the remaining assets will be distributed among the Heirs accordingly. People who created Living Trust during their living will be able to avoid having their Estate going trough Probate after they pass away.
In Florida, the Personal Representative has to publish a Notice of Administration in a local publication, then after contacting all know creditors, any creditor coming forward three ( 3 ) months after the date of the first publication to come forward, after which date, their demands will be forever BARRED!
Every Personal Representative in the State of Florida has to be represented by an Attorney, sometimes an Attorney will be appointed as “ Personal Representative” or “ Executor”. If you do not have a Probate Attorney, we can refer an honest one to you.
After paying all the creditors with the liquid assets of the Estate ( if any ) and after receiving the approval of the Probate Court , the Judge will sign off on the release to sell the Real State ( if any ) contained in the deceased’s Estate.
One of the things Personal Representatives often don’t know is that they can already go ahead and put the Estate Property under contract with the contingency to have it approved by the Probate Court!
That way, the Personal Representative of the Probate Estate does not have to pass on a good cash offer on their Estate Property and don’t have to waste precious time until the Probate Judge’s “ release”
Another problem, Personal Representatives face, is that when there are several heirs involved in the inheritage, there usually is a sense of urgency to have all affairs settled as soon as possible!
What most Heirs don’t know is that they can get cash advances on the Estate without any credit and without making ANY payments on the advanced money until the Estate is settled, for more information, call 305-600-1814.
All Personal Representatives are based with some serious challenges when having to sell a property in today’s Real State market. The Florida Real Estate market has taken a nosedive after five insane years of ascension, now the market is stabilizing!
Most Personal Representative listing properties with Realtors will face serious challenges as most realtors will sit behind their desks waiting for a buyer!
First and foremost, most properties in Probates will need some kinds of repairs or upgrades! Which means that they will be difficult to sell on the market, as most banks only finance properties in move in conditions.
Further more, few Heirs and Personal Representatives will have the time to clean up the mess left behind inside the house or condo! How will you get rid of all that headache!
As a Personal Representative, you should always consider a CASH offer for the Real Estate first, as this will often help you settle the Estate faster.
TO GET A CASH OFFER ON YOUR PROBATE REAL ESTATE TODAY, CALL RIGHT NOW!
The information you provide will remain 100% confidential.
Florida Foreclosures Questions:
Various strategies to Help Keep clear of Foreclosure in Florida
When most people purchase land or a house, they do not have good enough money to simply purchase the property outright. In order to be capable of buying, they are required to ask money from a creditor. As an equivalent for lending the money, the creditor will exercise a hypothec against the estate. If the borrower does not pay the money, then the loan is not valid any more and the lender might use the hypothec against the real estate, in order to take legal possession of the property for the fixed purpose of selling it to pay off the borrower’s loan. This process is called mortgage foreclosure in Florida.
Some real time facts:
People in Florida bought homes they definitely couldn’t afford, and now they’re losing them as these loans reset to market rates and they can’t find affordable refinancing options.
Foreclosure is the legal means that a creditor could utilize to retake your residence. When this happens, you must go off of your home place. If your property rights is worth less than the total amount you have to pay on your mortgage loan, a deficiency judicial process may be pursued. If that happens, you not only lose your home place, you also would have to pay an additional gross amount.
Both foreclosures and deficiency judgments might really affect your ability to serve the purpose for credit in the future. So you should avoid foreclosure if possible.
To know more about how to stop florida foreclosure and how to keep clear of them please visit the Department of Housing and Urban Development at http://www.hud.gov/foreclosure/index.cfm
The advice below is compliant to house owners with FHA Insured loans. While a fine deal of this news may relate to all homeowners in danger of losing their homes, not all of the foreclosure avoidance tools mentioned might be available to you if you have a VA or conventional loan. Additionally, HUD/FHA does not have any Loss Mitigation oversight over VA or regular loans. Please contact your lender or a housing counseling agency.
Q: What Occurs When I Miss My Mortgage Payments?
Foreclosure may happen. This is the legal means that your lender can execute to reclaim your home roof. When this happens, you must go off of your house. If your belongings is worth less than the total grand total you have to pay on your mortgage loan, a deficiency judgment can be pursued. If that takes place, you not only lose your residence, you also would have to pay HUD an additive amount.
Both foreclosures and deficiency judgments might really influence your ability to meet requirements for credit in the future. So you should keep yourself out of from foreclosure if it is possible.
Q: What is the first thing I should do?
- DO NOT Overpass THE LETTERS FROM YOUR lender. If you are having problems making your payments, write a letter or call to your creditor’s Loss Mitigation Department without being late. Explain your real situation and why you are in this condition. Be sure to provide them with proper financial news, such as your monthly income and extraordinary expenses. Without this information, they may not be certain to help out.
- Rest in your home for now. You can not fulfill for assistance if you abandon your possession.
- Contact a HUD-approved housing counseling organ for the housing counseling organ nearest you. These bodies are valuable resources. They often have news on services and programs offered by Government bodies as well as privately and community organizations that could help out you. The housing counseling institution may also give credit counseling. These kind of services are mostly free of charge.
Q: What are my alternatives?
You may be planned for the following:
Special Forbearance. Your creditor can be able to prepare a repayment plan based on your financial status and may even provide for a momentary price cut or cessation of your payments. You may fulfill for this if you have recently experienced a price reduction in income or an increase in living expenses. You must furnish news to your lender to show that you would be capable to meet the requirements of the new payment plan.
Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This could help you catch up by reducing the monthly payments to a more affordable level. You might fulfill if you have recovered from a financial problem and might afford the new payment sum.
Partial Claim. Your lender might be prepared and ready to take effect with you to fetch a one-time payment from the FHA-Insurance fund to bring your mortgage instant.
You could fill the bill if:
- your loan is at least 4 months delinquent but no more than 12 months delinquent;
- you are able to begin making full mortgage payments.
When your lender files a Partial Claim, the U.S. Department of housing and urban development will pay your lender the amount necessary to bring your mortgage current. You must practice a Promissory Note, and a Lien will be placed on your belongings until the Promissory Note is paid in full.
The Promissory Note is interest-out and is due when you pay off the first mortgage or when you sell the possession.
Pre-foreclosure sale. This will allow you to avoid foreclosure by selling your proprietorship for an gob less than the grand total necessary to pay off your mortgage loan.
You might serve the purpose if:
- the loan is minimum 2 months delinquent;
- you are well-prepared to sell your residence within 3 to 5 months; and
- a new appraisal (that your creditor will retrieve) shows that the value of your residence meets HUD program guidelines.
Deed-in-lieu of foreclosure. As a last choise, you may be prepared and ready to willingly “give back” your proprietorship to the creditor. This won’t save your establishment, but it is not as deadly to your credit rating as a florida real estate foreclosure. Information about credit rating exist inside our credit repair section.
You can meet requirements if:
- you are in default and don’t meet requirements for any of the other options;
- your efforts at selling the home before foreclosure were unfortunate; and
- you don’t have another FHA mortgage in default.
Q: How Do I Know if I meet requirements for Any of These Alternatives?
Your creditor will determine if you meet requirements for any of the alternatives. A housing counseling organ might also help out you determine which, if any, of these options might meet your needs and also assist you in interacting with your lender.
Q: Is there anything else I need to know?
Yes. Keep away of scams! Solutions that sound too simple or too favorable to be true usually are. If you’re selling your residence lacking professional oversight, Keep away of buyers who try to rush you through the process. Sadly, there are people who can & will try to take advantage of your financial difficulty. Be especially alert to the following:
Equity skimming. In this type of cheat, a “buyer” approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a gob of money when the landed property is sold. The “buyer” may suggest that you go off quickly and deed the belongings to him or her. The “buyer” then collects rent for a time, does not make any mortgage payments, and allows the creditor to foreclose. Remember, certifying over your deed to someone else does not necessarily relieve you of your obligation on your loan.
Pinch counseling institutions. Some groups calling themselves “counseling agencies” may approach you and offer to perform special services for a fee. These might easily be services you could do for yourself for out, such as negotiating a new payment plan with your lender, or pursuing a pre-foreclosure sale.
Q: Is there something serious I need to know?
Here are undisputed precautions that should help you keep clear of being “taken” by a cheat artist:
- Don’t notarize any papers you don’t fully comprehend.
- Make certain you get all “promises” in writing.
- Pay attention of any contract of sale of loan assumption where you are not formally released from liability for your mortgage debt.
- Check with a lawyer or your mortgage association previous to entering into any deal involving your home roof.
- If you’re selling the household yourself to keep clear of foreclosure, check to see if there are any complaints against the destined buyer. You may contact your state’s Attorney General, the State Landed property Commission, or the localized District Attorney’s Consumer Fraud Unit for this type of information.
Q: Is there something i should always remember?
- Don’t lose your home place and damage your credit history.
- Send a letter or call your mortgage lender immediately and be honest about your financial situation.
- Remain in your home place to make well-prepared you serve the purpose for help.
- Cooperate with the legal counselor or creditor trying to help you.
- Explore every alternative to keep your home roof.
- Beware of scams.
- Do not sign on anything you don’t agree. And remember that signing over the deed to someone else does not necessarily relieve you of your loan obligation.
Act now. Delaying might’t help. If you do nothing, YOU WILL LOSE YOUR Home roof and your favorable credit rating.
What our services can do fo you:
We Can Help! We offer creative solutions to common real estate problems, such as foreclosure.
The company makes it their business to research, find, and track foreclosed properties in the pre-foreclosure, foreclosure, and auction stages, and members of their service have instant access to the equivalent of many hours of research to find the best solutions each and every time based on your precise situation. We buy properties in any price range and condition, and foremost from home owners in any type of situations.
What most people don’t understand, it that it is NOT possible to sell a house which needs repairs to the primary mortgage market, because banks will not finance a property which is not in moving condition. The second biggest problem you may have is being upside down and having no equity. Since 2000, we specialize in negotiating short sales with your bank in order to stop the foreclosure and be able to purchase the property in its “as is” condition so you can move on with your life.
We’ve helped countless clients, people just like you to solve their housing problems in Florida and we can help you, too! We are the foremost experts in Probate Real Estate and Foreclosure Real Esate in South Florida today.
In case you need to find a florida foreclosure listing you can always consult one of our other pages where you can find Florida foreclosure homes resources and also more information on Florida foreclosure real estate.
For immediate service call us direct!
The information you provide will remain 100% confidential.