Can I Settle With Underwear?

By
Real Estate Broker with Daytona Condo Realty, 386-405-4408

- I have given them my home back.

The lady on the phone is screaming. She said she gave the house back to lender in foreclosure, and now they are going after her for deficiency.

Can I Settle with Underwear?This is the same lady that told me to get lost when I suggested we could do the short sale. She spoke to her accountant, and then decided going with foreclosure.

She stayed in the house for a bit over 2 years, and got used to it, but finally Flagler County started processing foreclosures. Now she got a letter demanding money. And she is pissed off.

I love that freaking logic. She took money from the bank, and decided to return them a house? Did they ask for a house in return?

No, they gave her money expecting to get back money, and house was just a security.

Since when you choose what to return?

You took the money, you have to return the money. Not the house, not your car, not your underwear…

And yes, the Lender can take it, but be ready for a deficiency judgment if the underwear is less than what you owe. In Florida the Lenders can do it.

Why not follow the contract, and if you default, face the consequences?

It was me who was telling you about the deficiency judgment if you go foreclosure route. But you did not want to listen.

So, don't scream at me, scream at your accountant.

Photo by storebukkebruse via Flickr.com

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  1. Bob Crane 08/16/2012 09:22 PM
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Rainer
20,833
Tyler Bolaski
Coldwell Banker Associated Brokers Realty

Find a good attorney/CPA that you can partner up with that REALLY understands short sales. Most attorney's are not very familiar with non-judicial foreclosure or short sales and often give erroneous advice to clients. While you can't prevent your client from talking to their own people....if you have a good Attorney/CPA that you can send them to, most will see the light. This has helped tremendously for me with showing people the real advantages of a short sale....and they get their legal/tax advice squared away at the same time. 

It's funny after 2 years of living for free she still feels like the world owes her something. Typical! 

August 11, 2012 10:31 AM
Rainer
133,607
Robert Sole
REM Inspections LLC

I don't understand why so many people think that they can take out a loan, and then quit paying on it.  All this while continuing to live in the home. 

August 12, 2012 06:21 AM
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Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Robert - I can understand when people get in trouble and can't pay, this happens. WHat I do not understand is when people would sign, get the money and buy a house, and then think that because the house decreased in value, they can give it back to the Lender and not being asked for the difference.

They refuse to understand that they borrowed money on certain terms, and these terms did not include adjusting the balance according to the market.

So, yes, if you borrowed money, return money, not the underwear, even if the house bought with this money is now worth not more than underwear

August 12, 2012 09:45 AM
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Bob Crane
Forestland Experts! 715-204-9663
Woodland Management Service

Thanks for sharing this Jon, its sad that lack of character is accepted and practiced so often, and to have a cpa recommend it just makes it that much worse.

August 16, 2012 09:19 PM
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Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

I am not placing much blame on her accountant. I remember that she was questioning me how long would she be able to stay in the home, and my answer that it would be a few months, while the short sale process makes it to cosing, and she just liked the idea of staying for free for couple of years.

 

August 16, 2012 09:54 PM
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