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Florida Investment Property Foreclosure
I live in MN and was a party to the Florida Investment boom. I verbally agreed to be a 50% investment partner with a Commercial Real Estate Broker who promised me everything would be fine. If anything happened, he would not let me lose my investment. Well, two homes in foreclosure later and I'm out everything I had although I still live in my primary residence in MN and continue to make the mortgage payment plus the added home equity payment with nothing little to live on after those payments. I have a couple questions: How strong is my legal case regarding a "verbal contract" vs. a written contract (which the Broker had with other investors but not me because I was a personal friend that trusted him)? Second, I've attempted to give the properties back to the banks by Deed In Lieu with no luck. They turned me down. I've also had both properties for sale for 2 plus years with no takers. Only one short sale offer which the bank turned down. One bank had gone through the process up to the point of Sherrif's sale date and then cancelled the court date and I've heard nothing since. I would really like to get these foreclosures over with so I can determine if I have to file bankruptcy (if I'm hit with large 1099s that I won't be able to pay) so I can begin the process of rebuilding my credit and put this nightmare behind me. Is there anything I can do to find out what is going on? Can I escalate the sheriff's sales? Are all foreclosures being drug out years beyond what it should legally take due to this massive foreclosure problem? I can't get to Florida to talk to an attorney and the attorneys I've hired up here don't know anything about Florida law so I'm wasting my money here. Do I have to just sit and wait even if it will take another 2 years making the entire foreclosure process drag out for 4 years?
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I'm afraid you do. The processing of the foreclosure is up to the lender and the courts, not you. Their stalling does work to your advantage to some extent. It gives time for the market to build back up and possible find a buyer. As for your verbal agreement, unless you have proof of it, I doubt if you can enforce it. There is also the isue that ANY investment constitutes some risk and if you weren't aware of that you were being naïve. |
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