My question involves a mortgage in the state of: Florida
Hi, I'm currently working with a local attorney which I'm not all that happy with because of several reasons so I decided to try to do some research of my own and found this forums. Either way, here's my situation:
September 2008 = Stopped sending my mortgage payment
January 2009 = Got served with foreclosure package
June 2011 = Case dismissed due to lack of prosecution
July 2012 = Second foreclosure case was open (with different case #)
As of today = Case is still open
I'm about 6 months away from reaching the 5 years from the point where I stopped sending my mortgage payments and my intentions are to try to keep my house under the 5 year Statue of Limitation. Please pardon my ignorance or lack of legal vocabulary but what my attorney told me is that after I have reached those 5 years I could file a case with the court and very possibly keep my house and don't owe any mortgage amount, only whatever amount is due on taxes since I would have been forgiven a debt I had and the IRS considers that as an income so if the day of tomorrow I sell or refinance the property then I would have to take care of the taxes owed.
Note: During my first foreclosure I sent my bank 3 consecutive payments as I was trying to do a loan modification and I was under a 3 months trial period process which at the end they declined.
My questions are: (If the information I was provided by my attorney is correct)
When exactly does the 5 years start counting?
- From the date I received the letter from my bank stating I was past due 30 days
- From the date I received and signed the first initial foreclosure package
- From the date the second foreclosure case started
Does the payments sent during the 3 month trial period while in the first foreclosure affect in any way the count on this 5 years?
What happens if I come out winning the case based on the 5 years Statue of Limitation?
- How long until I receive the property's paperwork? (Title or Deed which I assume would mean that I own the property out right)
- What is the tax percentage I would have to pay back to the IRS and based on what amount?
I apologize for asking this many questions but I would like to be informed as much as possible about this as I mentioned earlier I'm not happy with my attorney and one of the main reasons is the lack of communication and/or information in regards to my case and this Statue of Limitation.
Thanks in advance for your time and help!