Be careful! In all likelihood, under both scenarios, you will be responsible for paying all charges (assessments, interest, and attorneys’ fees) that were incurred and owed by the prior owner. You may want to wait and allow the lender to purchase the property at the foreclosure sale and then try to negotiate with the lender […]
Gibbons | Neuman attorney, Victor H. Veschio, recently presented his oral argument before the Second District Court of Appeal on the issue of whether Florida’s statute of limitations bars a subsequent mortgage foreclosure action where the alleged default date is beyond the applicable 5-year limitation period, but the suit alleging the default also includes “and […]
During the foreclosure crisis, a large number of investors purchased properties coming through foreclosure sales thinking that all possible liens against the properties had been wiped out in the foreclosure proceedings. Although it is critically important to have the title examined in order to determine that all proper parties were included in the suit […]
In the case of In re Failla, 838 F.3d 1170 (11th Cir. 2016), the 11th Circuit Court of Appeals resolved a split among the Bankruptcy Courts as to what “surrender” means within the context of Section 521(a)(2) of the Bankruptcy Code, by ruling that a Debtor who elects to “surrender” real property cannot oppose a […]
If you are an inferior lien holder who is named as a defendant in a mortgage foreclosure suit, there is a 60-day period in which you must file a claim to receive any excess funds that may be available from the foreclosure sale. The question is, when does that 60-day period begin to run? The […]
We earlier posted a summary of the Second District Court of Appeals 2-1 decision providing that a written notice of the assignment of a debt as required under the Florida Consumer Collection Practices Act is not a condition precedent to a foreclosure action. The question was certified to the Florida Supreme Court as a question […]
In a Florida case of first impression, the Second District Court of Appeal ruled in a 2-1 decision that providing a written notice of the assignment of a debt as required under the Florida Consumer Collection Practices Act is not a condition precedent to a foreclosure action. The Court analyzed the original Staff Analysis and […]
Beware- you may be liable for thousands of dollars of unpaid assessments. Just because a homeowners or condominium association may have been a defendant in the foreclosure lawsuit (and mentioned in the final judgment) does not mean that such association’s lien for unpaid assessments owed by the prior owner(s) against the property has been eliminated […]
Sometimes people unwittingly rent and move into a house or a condominium that becomes involved in a mortgage foreclosure. For many years, those tenants who entered into a lease with the borrower had no right to stay in the property after the foreclosure. During the foreclosure crisis (from 2008 through 2014), a Federal law was […]