Jimerson Firm
MAY 19, 2021
Although a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Although a lender may not be able to avoid this from happening, it should be aware of how and why their final judgment of foreclosure may be set aside. Pursuant to Section 702.07 Bank of Am.
Jimerson Firm
JANUARY 28, 2021
When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. Procedure For Getting a Deficiency Judgment. 702.06, Fla. 702.06, Fla.
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Jimerson Firm
FEBRUARY 18, 2021
However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.
Jimerson Firm
MAY 26, 2021
Lenders need to be aware that borrowers and other lienholders can bring an action or proceeding to set aside, invalidate, or challenge the validity of a final judgment of foreclosure of a mortgage, even after the foreclosure sale. The property was acquired by a “person affiliated with” the foreclosing lender or the borrower.
Jimerson Firm
OCTOBER 22, 2020
Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages. Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing with hotel/restaurant mortgage defaults. 702.015(4) , Fla.
Jimerson Firm
MAY 24, 2021
If this happens, the tax lien will become superior to the lender’s mortgage lien. This may be troublesome for lenders because the property may then be sold for taxes, which will eliminate the lender’s mortgage lien. If, however, a tax deed is issued, the lender will have an opportunity to redeem the property. 197.122(a).
Jimerson Firm
JANUARY 14, 2021
The first half of this series evaluated options available to lenders prior to instituting a commercial foreclosure action. The second-half of this series has evaluated available options to lenders during the pendency of the foreclosure action. Orders to Show Cause Under Section 702.10, Florida Statutes. Under Section 702.10(1),
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