The term “statutes of limitations” defines the laws that set deadlines for filing a lawsuit. If a lawsuit is brought up against you after the permitted time period, asserting the statute of limitations is an affirmative defense that you can use. As long as the statute has expired, a lawsuit is barred by the statute of limitations and it no longer matters whether or not you owe money to the creditor.

In the state of Florida, a lawsuit is the only way for a mortgage holder to foreclose on their real estate. In the case of a judgment of foreclosure, the court can sell the mortgaged property at a foreclosure sale. A deficiency judgment can be made against you if the price of the sale isn’t enough to cover the price of the judgment, forcing you to pay the difference.

Florida rules state that a mortgage holder is permitted five years from the date of default to either foreclose or pursue deficiency action. You are defaulting on your obligation under the mortgage each time that you fail to make a payment on time or within the grace period. If more than one payment was not met on time, the mortgage holder could then select any date to use as the default date for the foreclosure suit.

As for deficiency judgments in connection with foreclosure, the statute of limitations is one year. The time period for this statute starts when the buyer receives a certificate of title in the foreclosure sale. Until your property has been sold for less than what you owed the mortgage holder, the mortgage holder is not entitled to a deficiency judgment.

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.

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.

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.