Mortgage mess: Worried your bank may go after your other assets if you’re in foreclosure?

Worried that your bank might go after your other assets if you’re late on the mortgage or lose your home to foreclosure?

It can happen in Florida, especially if a bank sells your foreclosed house and doesn’t recoup the full loan amount and if you’re a big-dollar borrower.

With nearly half of all mortgages under water in South Florida, plenty of residents may wonder if their home lender can garnish their wages or suddenly lock down their deposit accounts.

via Mortgage mess: Worried your bank may go after your other assets if you’re in foreclosure?.

Florida homeowners who don’t pay get lengthy stay

The average Florida homeowner who went into foreclosure in November hadn’t paid his mortgage in 10 months.

The 307-day delay between the first late payment and a foreclosure referral, reported in a study released this week, was called "flabbergasting" by one financial expert who said mortgages typically go to foreclosure by the third delinquent payment.

Jacksonville-based LPS Applied Analytics, which tracks home loans nationwide and issued its November Mortgage Monitor report on Monday, ranks Florida among the top states nationally for the average length of time it takes to refer a home to foreclosure.

via Florida homeowners who don’t pay get lengthy stay.

Rob Samouce: Condo and HOA members and employees have more privacy rights » Naples Daily News

Some of the more overlooked changes to the laws affecting condominium and homeowners’ associations that were enacted by the 2010 legislature were the new privacy rights given to members and employees of associations.

For condominium associations, the following information about unit owners in the possession of the association are not accessible to unit owners: “Medical records of unit owners, Social Security numbers, driver’s license numbers, credit card numbers, e-mail addresses, telephone numbers, emergency contact information, any addresses of a unit owner other than as provided to fulfill the association’s notice requirements, and other personal identifying information of any person, excluding the person’s name, unit designation, mailing address, and property address.”

via Rob Samouce: Condo and HOA members and employees have more privacy rights » Naples Daily News.

Housing Distress Pits Neighbor Against Neighbor

Few things agitate Sid Schulman, who often shoots the breeze with other retirees and flirts with women friends at their condominium complex here.

But it galls him when neighbors stop paying their mortgages and maintenance fees, and leave the cost of community upkeep to others. "I am paying for these guys," said the 75-year-old sitting poolside, a diamond stud in his left ear.

via Housing Distress Pits Neighbor Against Neighbor.

When land is worth more than a home

When land is worth more than a home

A couple of years ago, Carl and Susanne Wise’s house on Camino Real in South Sarasota was assessed at nearly $1 million.

Then it disappeared.

The Wises bought a new home, and in this market the rent they could charge did not cover the expenses of the old home. So, they had the 13-year-old, five-bedroom/four-bath home demolished.

When land is worth more than a home

Real estate: Candy Spelling gets $12-million price break on new penthouse

Real estate: Candy Spelling gets $12-million price break on new penthouse

Candy Spelling’s long-pending purchase of a two-story penthouse condominium in Century City closed Wednesday at a reduced price that still made it one of the most expensive deals ever for a Los Angeles condo.The widow of TV mogul Aaron Spelling paid $35 million — or $2,250 per square foot — for the top two floors of the Century, a 41-story condo building completed in July on Avenue of the Stars.