House Bill , June 22, Statement from Chief Court Administrator , March 18, Senate Bill , failed June 20, Superior Court Order , January 13, Bill , May 27, Act , April 10, Superior Court Order , May 14, B , enacted May 4, , effective to August 2, In addition, the chief judge of each judicial district in Florida has authority to define the scope of the stay of foreclosure related proceedings due to the Covid pandemic. Examples include:. Executive Order , April 2, Executive Order , October 16, Executive Order No.
Executive Proclamation of Disaster Authority , April 2, Maryland H. Many people do not realize that the only thing the bankruptcy ultimately accomplishes is to relieve the seller from personal liability for the debt. There are two major benefits. First and foremost, a short sale cuts-off potential liability resulting from continued ownership of the property, such as homeowner association fees, code enforcement fees, and liability to persons who might get injured on the property.
The property generally remains titled in the name of the property owner even after a bankruptcy discharge. Second, with a foreclosure, under current FHA guidelines, the Seller is barred for 7 years from qualifying for a new mortgage loan. With a short sale, however, the wait period can be as little as years, depending on the circumstances, and the clock begins to run at closing which is often times much sooner than a foreclosure sale date.
As always, we recommend that anyone contemplating bankruptcy consult with a bankruptcy attorney to discuss their liability for real property post discharge. There is much more at issue, generally speaking, than the liability on the balance of the loan. No Comments. Did you find this real estate law content useful, but need actual legal counsel? Judicial or court-ordered foreclosures can take one to two years or more, depending on the lender foreclosure backlog.
Regardless of the type of foreclosure, you still own your home until it goes to foreclosure auction and a bidder buys it. Lenders usually lose more than they can make by selling off defaulting borrowers' homes through foreclosure. When your lender cancels a foreclosure auction of your home, it's refusing to complete your foreclosure at that time.
Your lender can still resume foreclosure of your home after cancelling its sale auction, but it may take several more weeks or months to restart the process.
Lenders are under no legal obligation to foreclose their defaulting borrowers and they do so only when it makes financial sense. As a defaulting homeowner informed of a canceled foreclosure auction, you have a few options, including paying off your mortgage's balance. Or, if your home's foreclosure auction is canceled, you can simply live in the home, not making payments, until it's actually foreclosed.
One thing you shouldn't do if your home's foreclosure auction is canceled is abandon that home.
0コメント