If for some unfortunate reason a person passes without a will, there can be the big question as to who gets what and how the assets are distributed. In the state of Florida, intestate succession laws have been created to help families dish out assets.

Many valuable assets that people build on in their lifetime do not go through a will and therefore would not be affected by intestate succession laws. 401(k) funds, life insurance proceeds, payable-on-death bank accounts and joint tenancy properties are not touched through intestate succession. Instead, these assets will be given to the co-owner.

The rules for how assets are distributed is determined by who is alive at the time of the death. According to intestate succession laws, children inherit everything if their deceased parent didn’t have a spouse. A spouse inherits all appropriate assets if the spouse and deceased had biological descendants. However, if the deceased or their spouse has descendants from a previous relationship, then the intestate property would be split evenly between the surviving spouse and the descendants of the deceased. Parents attain assets if their deceased child never married or had children. In the case of deceased parents but surviving siblings, intestate property would be shared between siblings of the deceased. Half-relatives inherit as if they were “whole” in intestate succession.

Children must be legally considered descendants of the deceased in order to receive their share of the assets. Posthumous children inherit as if they were born before the deceased’s death. Adopted children will receive a share of assets, but fostered children and stepchildren will not. Children born outside of marriage will receive a share only if certain steps are taken. Grandchildren would receive shares in the case that one of the deceased’s children died before the parent.

Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.

When it comes to death, many people overlook the ramifications that theirs could lead to without the proper paperwork filed beforehand. Fortunately in Florida, if you die without filling out a will, your closet relatives will receive your assets under the state’s ‘intestate succession’ laws. Here’s what you need to know about them.

The Intestate Succession Laws Cover These Assets

Florida’s intestate success laws cover assets that would have normally passed through your will. This only includes assets that you own alone in your name.

Here are some assets that aren’t covered by intestate succession laws:

Property you own with another person
Property you have transferred to a living trust
Proceeds from life insurance
Monies in any retirements accounts, including IRA and 401(k)
Securities held in any transfer-on-death accounts
Any payable-on-death accounts

Either way, the surviving co-owner or your beneficiary will receive these assets.

Other Parts of Florida’s Succession Laws You Should Know About

When speaking with an attorney about Florida’s succession laws, you should ask:

Who gets what and when? This includes living children, parents and other relatives. Every situation is different. For example, if you were to die with children and no spouse, the children would receive all of your assets.
What is the spouse’s share? If you are married, you need to ask about it.
What is the children’s share? If you have children, you need to ask about it.

Additionally, if you die without a will and without a family who can claim your assets, the state will receive your property. This rarely happens, though, because of the succession laws place. Also remember that they are various rules in regards to succession laws; an attorney will outline those when you speak with him or her.

Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

If you’re in the unfortunate predicament of failing to receive payments after an owner-to-owner transaction, you may question your options of proceeding. Do you foreclose? Perhaps you should begin by evicting?

First, know that eviction refers to the current occupation and ownership of the property involved. A foreclosure is an effort to reclaim the property title. While eviction may likely be a necessity in the future, it is suggested that the original owner proceed with foreclosure first. The essential instrument of success in this proceeding is proof of the original owner’s continued mortgage payments. At this point, an argument can be made for continued interest payments on the mortgage or for the equity that has been gained since you (as the original buyer) first signed.

The process of foreclosing requires an acceleration notice or default notice that typically would notify the occupant of a 30-day deadline on total payment. It is also highly suggested that an attorney oversee the process as foreclosures tend to be convoluted and tricky. Be prepared, too, to pay costs for court in addition to attorney fees.

To summarize, if after an owner-to-owner property sale the buyer or occupant fails to make payments, a foreclosure is advised. An attorney to guide the process is also highly suggested. After an acceleration or default notice completes its deadline, it may then be necessary to evict.

Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

3 Things You Should Know About Selling a Private Mortgage Note Whether you’re working with an investor to sell your private mortgage note or dealing directly with a buyer, it’s important to know the ins and outs of doing so. No matter your reasoning for selling your private mortgage note, remember to look at more than just one bid to ensure you’re receiving market value for it.

Here are three other things you should know about selling a private mortgage note.

Your Personal Credit Doesn’t Matter

When preparing to sell your private mortgage note, you should gather all of the information about it and the property. Contrary to popular belief by many note sellers, this doesn’t include your personal credit information. The mortgage note’s strength is determined by factors like its terms, the property’s value and the BUYER’S credit rating. Never disclose your personal credit information.

Your Note Won’t Sell at 100 Cents on the Dollar

As much as you’d like it, you won’t receive 100-percent value for your private mortgage note. This is because a buyer will accrue expenses while obtaining your note, including costs associated with a title search, a drive-by appraisal and, if everything checks out, the closing. That’s why it’s even more important to look around for more than one mortgage note quote, so you can maximize your sale.

Your Proof of Payments Add Value to Your Note

When a buyer – investor – looks into purchasing a private mortgage note from you, he or she doesn’t want to buy a problem. By providing proof of payments, you put the buyer’s mind at ease of any outstanding issues. This can add tremendous value to your private mortgage note, both when shopping it and when selling it.

Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

When it comes to renting out homes, every landlord wants to make sure that their potential renter has a clean background check; this can prove that the renter is trustworthy with money handling and treating the property and the landlord’s equipment well. However, some landlord-renter relationships can end badly, potentially leading to an eviction notice. If an individual happens to have an eviction on their record, many may turn their heads and not allow them to rent anywhere else. People often wonder, is there something you can do to set aside or hide these evictions?

Unfortunately for the renter, evictions remain on your record indefinitely. Landlords are responsible for filing evictions, stating whether it is “for cause” or “without cause”. No matter the reason, having the word “eviction” on a rental record can be a red flag for other property mangers. Because eviction cases are civil and not criminal, the best thing for someone with one or more evictions is to find a landlord that is accepting of your current record.

As a renter shows an improvement on their rental record, a past eviction can become less of an issue for future landlords. The biggest problem for a renter is finding a landlord who knows of recent evictions or other issues and chooses to rent to them despite what their record shows. There is probably a better chance of single unit landlords renting to evicted people than complexes owned by larger companies.

When renting out places owned by other individuals, make sure to follow the rules and take care and responsibility for the things you do; the last thing anyone wants is to wake up and find an eviction notice taped to their front door.

Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

When you enter into a rental agreement with a tenant, it is expected that both parties will uphold said agreement. Unfortunately, that is not always the case. While most tenants do fulfill their end of the arrangement, a select few do not. When this occurs, you can find yourself with damages, unauthorized changes to the property, and unpaid bills. Once the dust settles and you tally the bill, it’s time to file the Notice of Intention to Make a Claim. This Notice will state the reasons why the landlord feels the security deposit will be withheld. If the tenant objects to the claim, they have fifteen days to respond voicing their discord with the Notice. If they do not respond, the objection is deemed to be waived.

So what is the next step if the tenant files a response within the fifteen day time period?

If the tenant objects, within the allotted time period, the issue will be considered open, allowing the tenant to file suit against the landlord for return of the security deposit. This also allows the landlord to file action with the court. During this suit, a judge will review the landlord and/or tenant’s documentation regarding the situation. After assessing all of the information, the court will then determine the parties’ rights – who will get the security deposit. The winning party is generally entitled to compensation for attorney’s fees and court costs.

When in doubt, it is best to always consult with an experienced attorney. They would be able to help you navigate this complicated situation.

Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

When financial burdens strike – it can be devastating. Not only does it affect your morale, but it can hinder your ability to pay the most necessary of bills: your rent. In an attempt to save yourself from eviction, you go down to the property manager’s office to make a partial payment. Horrifyingly, they refuse to take your late payment. Can they actually do that?

The simple answer is, yes, they can.

They are allowed to refuse payment if you cannot produce the allotted amount. If you are unable to pay the full amount owed – at the time that it is due – you cannot force them to settle and accept less than the complete balance. When you signed your lease, you entered into a legally binding contract that states you will pay said amount by said date. If you violate these terms, they have the right to begin the eviction process.

If you are able to pay the balance in full, you will need to do so to avoid facing eviction. In some states, especially if you have a track record of late payments or bounced checks, the landlord and/or property management company can still pursue an eviction – even after the outstanding payment is paid – due to a violation of the lease terms. It is best to speak to the landlord directly to determine what course of action they will be taking regarding the late payment.

Reading over your copy of the lease may help answer any questions you have about what comes next. If you cannot find the answers in the pages, consulting a lawyer with experience in this area would be another avenue to explore.

Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

Over the next few years, millions of homeowners must somehow find a way to face this previously unforeseen HELOC reset problem and resulting payment increase. Though some may be able to handle a larger payment, there will still be an enormous number of homeowners who will find themselves in a financial crisis because of the HELOC contractual trap. If you think you may be one of the many homeowners who will be prey to an upcoming HELOC payment increase, there are some things you can do to help handle the situation.

First, if you are not sure whether your loan is one that will be subject to an upcoming payment increase, take a close look at your agreement document. Look for the dates pertaining to the Borrowing Period and the Repayment Period, bearing in mind your contract might use slightly different terminology. When you have confirmed the date when your HELOC will reset, you need to determine the new payment schedule, including principal. Many lenders are sending notices well in advance to warn consumers about the pending payment increase. If your lender has not yet provided you with this information, then you should be able to determine the new payment from the contract terms and the help of a loan or mortgage calculator. Don’t be afraid to call your lender about your reset payment either, as they can easily provide you with this information.

Once you determine what your reset terms are, you have options with how to manage the payment increase. For some homeowners, an increase from $250 to $500 per month is manageable. If you are able to fund the new payment, it may be better for you to pay the increase while you can in order to avoid the likely credit damage posed by some of the other plans.

If you are one of the many who cannot afford a higher payment, you are not without recourse, though some of your choices may be less attractive than others. One route you can pursue now is arranging a loan modification with your HELOC lender before the payment increase takes place. You could also modify your first mortgage and apply the savings to your payment increase. A more dramatic option involves stripping the lien imposed by the HELOC reset via a Chapter 13 bankruptcy. Before taking any action, please be sure to consult with an experienced professional who can warn you of the potential risks of trying to work around the HELOC payment increase.

Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

Although the home equity line of credit (HELOC) has been around for many years, it gained popularity in the early 2000s. Far fewer HELOCs are being issued by lending institutions today due to the 2008 financial crisis, but millions of homeowners still have this type of arrangement, and are in for a shock when these HELOCs reach their 10-year reset points in 2015-2016.

While there are many different types of HELOC agreements, a common arrangement is the 25-year contract, with a 10-year borrowing period and a 15-year repayment period. This means that if you received a HELOC in 2005 that followed this structure, and borrowed $50,000 on your house this whole time you’ve been paying interest-only at 6%, which is high compared to today’s rates, but since you are only paying interest on the principal balance, the payment is still manageable at only $250 per month.

At the end of your 10-year borrowing period (which would be this year, following the 2005 example) the line-of-credit feature of the HELOC will expire and the payments will then increase during the repayment period to cover repayment of the principal balance (plus ongoing interest). At a 6% annual percentage rate, the $250 per month payment will suddenly spike to just under $500 and remain at that level until the $50,000 is paid off (assuming you have a fixed interest rate).

Even worse, some HELOC products were set up for a total contract duration of 15 years, which just entails a 10-year borrowing period followed by only a 5-year repayment period. This short period of time to repay principal means that the monthly payment in the above example would increase to $967 after the reset, which almost four times the original payment!

How could such a seemingly terrible program gain such popularity? When HELOC and similar financial products were designed, they were based on the crucial assumption that real estate values would continue to rise, which would allow qualified borrowers to refinance to more favorable terms within a few years. However, the financial climate has remained stagnant, meaning that the HELOC reset is going to be a bigger problem than initially imagined. The steep plunge in real estate values has left millions of homeowners unable to participate in traditional refinancing programs, leaving them vulnerable to a major payment shock when their HELOCs reset in 2015 and beyond. Since so many HELOCs were issued in 2004 through 2008 compared to prior years, this HELOC reset crisis will potentially hamper America’s continued housing recovery for years to come.

Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

To say that moving is stressful is likely an understatement for anyone who has ever rented a home or apartment. Not only do you need to pack your life away and transfer your belongings before your leases’ end, you also have to ensure you leave your former residence in the same shape you first found it. If not, the sacred security deposit that’s constantly in the back of your mind is at stake.

Unfortunately, most renters are not aware of their rights under Florida’s Landlord Tenant Law and will not dispute a landlord’s refusal to return the first and last month’s rent sacrificed at the beginning of the leasehold. Although some rental situations warrant a landlord withholding a security deposit for legitimate damage caused by the former tenant, landlords often take advantage of a renter’s naivety of the law and pocket the security deposit for claimed damage that never actually occurred.

If you find yourself in a situation where your former landlord is refusing to return your security deposit, there are legal remedies available to you to help get your money back. Landlord Tenant Law in the state of Florida is very clear regarding a landlord’s duties in refunding a security deposit. If the landlord does not follow the requirements of the law exactly, then their right to withhold any amount of a security deposit is completely forfeited. The landlord then must to return 100% of your security deposit.

In Florida, once a tenant has vacated the property at the end of a lease, if the landlord does not intend to impose a claim on the security deposit, the landlord has 15 days to return the security deposit. Otherwise, the landlord has 30 days to give the tenant written notice by certified mail of their intention to impose a claim on the deposit and the reason for imposing the claim.

If your landlord gave you proper notice by certified mail of making a claim on your deposit, you need to reply with a written objection within 15 days of receiving the notice. After that, if you cannot negotiate a resolution with your landlord, one of you must file a lawsuit to resolve the dispute. Depending on the amount of the deposit, you may want to file the lawsuit in small claims court. The clerk’s office has forms you can complete to file the lawsuit. Although a security deposit may seem like a small amount of money to sue over, if you prevail you will not only recover the whole deposit, you may also be entitled to have your attorney’s fees paid by your previous landlord.

If your landlord has withheld your security deposit from you, it is important that you discuss your claim with an attorney who will help you determine the best way to get your deposit back. Sometimes, all that is needed for a landlord to refund a deposit that was initially withheld is a letter from an attorney.

Don’t allow your landlord to bully you into forfeiting your claim to your security deposit. Let an attorney help you with your case, so that you can settle into your new home without the stress of your old one hanging over you.

Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

How Do Florida’s Intestate Succession Laws Work?

The Intestate Succession Laws Cover These Assets

Other Parts of Florida’s Succession Laws You Should Know About

Your Personal Credit Doesn’t Matter

Your Note Won’t Sell at 100 Cents on the Dollar

Your Proof of Payments Add Value to Your Note

The Pros and Cons of Relocating for Hybrid Work

What Happens When Someone Wants to Sell Jointly Owned Property?

Tips for First-Time Landlords

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