What is the Difference Between Signing a Mortgage and Signing a Promissory Note in FL?

Updated: 6/2/23 Real estate terms and words can become confusing, but it is important to know what you are talking about when you enter into a real estate transaction. In Florida, you might be signing a mortgage or a promissory note. Make sure you know the difference before you sign, because it c ...

What is a Quit Claim Deed?

A quit claim deed is a legal transaction that allows the owner of a piece of property to immediately transfer ownership to another party. The term describes the owner “quitting” his or her rights to the property. The party gaining ownership to the real property does not get any warranties as to the ...

What is a Motion for Summary Judgment in a Foreclosure in FL?

In a Florida foreclosure action, a motion for summary judgment is typically filed by the lender, asking the judge to decide the case in favor of the lender immediately. This would provide the bank to take control of the property without a lengthy trial. In order to be heard in court and allow all th ...

Are Lenders Required to Foreclose on Properties After Bankruptcy in FL?

Lenders in Florida are not required to foreclose on property after a bankruptcy is filed. In fact, if you are in danger of losing your home and you want to keep it, filing for bankruptcy right before the foreclosure is a good way to keep your home, at least until the bankruptcy is discharged. Many F ...

What are my Rights as a Renter When the Landlord is Being Foreclosed on in Florida?

If you are renting a home in Florida, and you find out the owner of the house is being foreclosed upon, you are not permitted to stop making payments to the landlord. The foreclosure process in Florida is often a long and drawn out one, which means it could take a year or more for the bank to actual ...

What are the Benefits of Short Selling After Bankruptcy in Florida?

When you declare bankruptcy in Florida, you know your credit is going to get bruised. It will take you a long time to build that credit back up, and if you are losing a home in your bankruptcy, it will be an even longer time before you can qualify for a mortgage again. In order to mitigate the dam ...

Do I Need to Defend a Foreclosure While Pursuing a Loan Modification in FL?

With the federal government encouraging loan modification for borrowers who might be upside down on their mortgages or defaulting towards foreclosure, many lenders are caught wondering whether they should foreclose, modify or both. Before the lawsuit settlement between 49 states and the five largest ...

The Probability of Lenders Pursuing Deficiency Judgments in Florida

When a mortgage lender forecloses on a home and the amount that is owed is more than the value of the home, the lender has the option to pursue a deficiency claim for the outstanding amount. This practice was not terribly common during the years of real estate profits because any time a foreclosure ...

Deficiency Claims in Florida

A deficiency claim can be made by a mortgage lender against a borrower when there is a foreclosure and the amount owed on the property, including attorney’s fees and court costs, is more than the amount of money that the property is worth. Deficiency claims in Florida were once rare, but with the va ...

What are the Necessary Steps for Eviction in Florida?

In Florida, landlords need to follow two different paths to eviction, depending on whether the termination of the lease is due to a nonpayment of rent or some other lease violation. When a landlord decides to evict for nonpayment of rent, a 3-day notice is required to the tenants before eviction pro ...

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