Holiday Florida Famous Foreclosure Rental Pool Home



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We are passing on the savings on the rental of this home we bought in foreclosure. Our intention is to get a mortgage modification and in the mean time passing on rental savings because of the possible inconvenience of renting a home that is or may be in foreclosure. We were recently were asked some great questions on rent foreclosures in Florida and pass the following along: So FIRST, if you have questions about something this important you should
Talk to a BOARD CERTIFIED Real Estate Attorney FIRST –before renting
I am a real estate broker, not an attorney, and I have talked to
My Board Certified real estate attorney several times over the last two years
We have been doing this program — here is my understanding:
Florida is what is legally termed a “lien theory” state
Other states, mostly western states are different, but
In Florida, the home owner owns his home (and someone else –the bank, maybe–may have a lien on it, but the owner owns it) until a judge says someone else owns it
She/he may have a mortgage, unpaid taxes, and workman lien for unpaid services
But they own it
If you own it you can sell it –it maybe encumbered by liens, mortgages, what have you?
But YOU OWN IT and can do any of the functions of real estate
You can SELL, RENT, Auction, just like it was FREE AND Clear
SO I and some clients buy houses in or about to be in foreclosure
I would like to work out an agreement for the bank to modify the mortgage
I may win in court I may not —
IF I win I will have a nice house with a reasonable mortgage, not with a
Mortgage that is twice the value of the house — if not
At lease someone has had the opportunity to rent at great rates for maybe a few years
You are right most folks do not understand. They think the bank owns the property –if they
really did own it, they would not have to foreclose–IN Florida only a judge after a law suit
Can take away a person’s home — again it is not like that everyplace in country but in Florida,
No one can take away your home unless a judge, after reviewing all the arguments brought to
Him/her says so.

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