Seeking Advice On How To Foreclose
I'm an investor in Florida who has a mortgage-in-default on his hands. I never had to foreclose before and am, therefore, ignorant on the subject. My concern is that if I give a lawyer a retainer to initiate foreclosure proceedings and the mortgage payment comes in the mail the next day, am I out the retainer fee or can the forecloser process go forward to collect my legal fees. I don't want to have to go through this every month where I have to pay an attorney to initiate foreclosure proceedings only to have the check arrive afterword with the result being I end up spending way more per month on lawyers than what I have coming in from the mortgage.
Also, can anyone recommend a good book on the foreclosure process in Florida. Specifically, how to handle the process yourself?
I would notify debtors in writing that you intend to initiate foreclosure in 5 days. If they do not pay up then retain an attorney. I am sure your mortgage has a default clause which allows for attorney fees. In order for borrowers to stop the foreclosure they would have to cure ( bring all payments current + the attorney fees.)
good luck
I keep a cushion retainer fee with my RE Atty.
He'll initiate legal action which covers the filing fees and notice.
In I also send out an invoice adding the Delinquent loan payment(s) and additional legal fees. I also note the Paragraph & Section of the mortgage loan note which details WHY I am Charging them this New/Higher amount and WHY They are obligated to PAY IT???
I hope this helps!
Derrick Ali
I'd like to than Shawnk and Derrickali for their great advice!
privatelender,
Glad to meet you.
Let me give you some real life advice on foreclosing.
First I don't care how many time you have the buyer sign they "will pay the attorney's fees" it is up to the Judge's whether attorney fee's are awarded or not. Even if you were awarded attorneys fees if the buyer can't make the mortage payment to you how do you think you are going to collect the attorneys fees?
They have companies that specialize in foreclosures, they charge a flat fee to handle everything alot less than an attorney would charge you and they do it everyday so they are current with the law.
They add a premium to the foreclosure in most cases so if you really want the property back and are tired of the hassle contact someone who is in the business.
John $Cash$ Locke
Just curios, Have you tryed paying them to leave. U haul money and clean credit?
I would not pay sh _____ t for them to move on......I have run across bad tenants and also bad borrowers that are now USE to this "pay and go money"
You folks are paying for BAD behavoire like bad sex!!!!!! Thats like paying for a whore....really want to go there!!!!! No way!!!
Go with Johns Ls advice get on with it and get the Foreclosure going and then get em out of there!!
And by all means MAKE CERTAIN it is on there record so the rest of us can easly check on these losers by a credit check!!!!
SKI