All Forum Posts by: Shawn Yesner

@James Lee Where is the property located? What state? I agree with the two answers already given but there is potentially another way. If the property is homestead and located in FL, the seller could record a notice of homestead. The creditor gets 45 days to respond once served certified return receipt. If the creditor fails to respond the lien is removed. Unsure if other states have a similar process.

@Gwen Lopes depends on where you live and what chapter Is fIled. Talk to a BK attorney in your area. Generally, the trustee has the authority to assume (continue) or reject (cancel) the agreement, making you an unsecured or secured creditor for any option money already paid. If you exercise the option now, it could b considered an effort to hinder, delay or defraud creditors. Or you’re leaving the debtor with a pile of cash they’ll have to deal with in BK. Find a local Bk attorney ASAP. Let me know where you are and I’ll try to connect you with someone.

@Mindy Jensen Just finished listening. Great episode!

You need to file a motion with the Court and request that the Court pay you money currently in the Court registry. Assuming the motion is granted, the Clerk will disburse the money, less any clerk's fees. If you have an attorney, he/she should be able to draft and file the motion, and schedule it for hearing if necessary.

Nathan S. Certainly, I don't think that any client should blindly trust advice of counsel. Was there something else in the back of your mind as to why you wanted the second opinion? The FAR/BAR was amended a few years ago and went from 4 to 10 pages, before the addition of any addenda. You mentioned "superfluous material" is that what you meant?

I advise my clients to use the FAR/BAR also, so from a customer service and education standpoint, if you don't mind saying, I'm curious whether you were simply searching for a second opinion or if there was some other reason you questioned the use of the FAR/BAR?

Kyle Clark, you are smart to do your due diligence up front. I understand you're in California. The reason I posted was because there are a good number of California companies that are doing mods in Florida and I wanted you to be aware of the law in case you decided to try it. You may want to find a real estate or consumer attorney in your area and have that attorney research the law for you. Or, if you already have an attorney as part of your investing team, as that attorney for some help. I would not give up on mods just yet, and keep doing some more due diligence. Just avoid paralysis by analysis...

Here in Florida, loan modifications can only be negotiated by mortgage brokers and attorneys. Private companies negotiating loan modifications have statutory restrictions that limit how and when they can be paid, plus disclosures that need to be provided to the homeowners / borrowers. The FL Bar has put out a notice to all attorneys that warn against attorneys working with loan modification companies as a potential ethical violation.

Welcome Alex Gell . Are you referencing Larry Harbolt's meeting? I've been numerous times, although not recently. If you have any legal questions on deal structuring, entity structuring, or general questions, please reach out and let me know.

Wayne Brooks thank you for pointing out where I was a bit vague. You are correct, the one-year SOL is on a deficiency action following a foreclosure sale or DIL. The SOL on a short sale arguably remains at 5 years and the new law makes no change to the SOL for bringing the foreclosure suit originally.

Josh Randall, great question. Yes I think it will impact existing foreclosures in a few ways: (1) it reduces the statute of limitations from 5 years to 1 year effective as of July 2014 for existing cases; (2) it allows homeowner and condo associations to speed up the bank's foreclosure action using the "show cause" procedure; and (3) I think it may have "awakened" the banks that they can use the "show cause" procedure (a law that's been on the books in Florida since the 90's) to speed up foreclosures. Just last week, I received a BOA foreclosure that was filed in May, served in June, with a show cause hearing in August. Had my client failed to show, the court would have scheduled a foreclosure sale in September - a 4 month timeline start to finish!

FYI - a "Show Cause" hearing is simply a burden shifting. Instead of the bank proving why it CAN foreclose, the homeowner must prove why the bank CANNOT foreclose.

-- Shawn