Sunday, November 6, 2011

What Is A Deed? What Is A Mortgage?

     If you are being foreclosed on, you have a big problem.  When you have big problems, you need all the help you can get. You need legal advice.  You need to be reading and studying how foreclosure works.
     If you sign a deed and give your house to Mr. Scammer " subject to the mortgage", you have just made a terrible problem worse.  This problem can't get any worse.  Think again.
     In Florida, a deed is a very simple document.  It can be filled out by hand with a ball point pen.  If you own a house, you can sit in your living room and deed it to Mr. Scammer.  When you do, he owns it.  What if he doesn't pay the mortgage? 
     If someone doesn't pay the mortgage payments, the bank will foreclose.  In Florida in 2011. this takes about four hundred days.  In the meantime, Mr Scammer is living in the house or collecting rent from someone that is.
     Next year when the house is foreclosed, it will be sold by the clerk of the circuit court at a public auction.  If you owe $100,000, it will probably sell for about $40,000.  Then the bank will sue you for the difference.  This is called a deficiency judgment.  Will they?  Why not?  That deficiency judgement is a asset to the bank.  They will probably get some money from you sooner or later. 
     Here is my suggestion.  If you sign a deed to give your house to Mr. Scammer " subject to the mortgage" sign that deed in the presence of YOUR attorney and ask your attorney to witness that deed.
     If you want more information, read my article " How To Get Super Cheated While Your House Is Being Foreclosed" at or call me at 407 822 3926 or contact me at . Think before you sign.

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