Dan O’ Meara’s Blog

Foreclosure: A foreclosure action is a lawsuit wherin a mortgage holder is asking the court to establish the amount of Mortgage (loan balance), and if the loan amount is not paid, the court directs the Clerk of Court to auction the real estate. The foreclosure action is not an action on the promissory note. The amount owed under the Note is the amount of the Mortgage.

A Lis Pendens is filed when the foreclosure is filed (which means a pending action against the real property). The foreclosure is an action to recover the real estate which is secured by a mortgage rather than to recover a money judgment on the Prommissory Note.

The mortgage foreclosure complaint is served (delivered to the borrower) by processor server or Sheriff’s Department and gives the borrower, or owner of the property, twenty (20) days in which to file a response. If the borrower does not file a response with the court (answer), a default is entered which deems all the allegations of the complaint are admitted. The next step in the mortgage foreclosure action is usually a Motion for Summary Judgment filed by the lenders attorney. At the hearing on the Motion, the court determines the amount of the mortgage. The amount owed will include principal, interest, unpaid taxes, unpaid insurance, late charges, attorney fees and court costs. The court enters a final Judgment for the total sum that is owed and directs the property be sold on the courthouse steps and sets a sale date in appoximately thrity-five (35) days from the date of the Summary Judgement hearing. In order to contest a Motion for Summary Judgment, the borrower must file an Affidavit contesting the facts set forth in the Complaint. If a borrower wishes to contest the Motion for Summary Judgment, the borrower should hire an attorney since the proceedings must follow the Rules of Civil Procedure and does not allow foe testimony at the hearing.

The Pasco County Clerk of the Court conducts foreclosure sales 2-3 times per week. The sale is an auction, and the lender has a credit to bid up to the total amount of the jugment that was entered by the court. Many times the lender will “bid in” the property for $100 . The lender can bid up to the full amount of their judgment which is more than the property is worth.

Check out this new Single-family property that I just posted on my Web site. It is at 13311 Lisa Drive in Hudson. This Single-family property has 2 bedrooms and 1 baths.

I’ve just sold a Resale - single family property at 12716 Social Drive in Hudson. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Residential lot property at 0 Gentle Breeze Court in HUDSON. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 10727 Fallen Leaf Lane in Port Richey. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 9022 Derby Ln in Port Richey. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 3331 Blayton in Holiday. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 3331 Blayton in Holiday. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Mobile home with land property at 6822 Albatross Lane in Hudson. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I just opened my mail to find,

2008’s Notice of Proposed Property Taxes. The intent of this notice is to inform us of the valuation of our property, the amount of exemptions, and the amount of taxes levied by different taxing authorities.

Remember!  If you feel your market value is inaccurate, does not reflect FAIR market value, or if you are entitled to an exemption that is not reflected, You can contest!  September 15th is the LAST DAY to file for an appeal to the County Value Adjustment Board. And is the LAST DAY to file a late application for an exemption. Everyone needs to file for every exemption available to them. THIS SAVES YOU MONEY.

All property values are determined based on the condition of the property as of January First. Florida Law requires that Market Value be determined each year. The assessed value is the market value less any benefits for the “Save Our Homes” Cap. For Homestead properties, this value cannot annually increase more than 3% But in instances where the market value exceeds the assessed value (most cases), the assessed value will increase regardless of a change in market value. So, although the real estate market continues to decrease in value, most homesteaded properties will continue to increase in value by 3% The limitation for increases to Non-Homesteaded properties is 10% and at no time can the assessed value exceed the market value

This means the taxes will continue to increase no matter the state of the Real Estate Market. Over the past few years I have watched property values Triple in some areas and Double in most. So did Our Taxes and Insurance Premiums. Now that values are retreating back to where they were, Shouldn’t Our Taxes and Insurance Premiums retreat back as well?

Speak Up, Let me know what you think