A mortgage release, also known as a deed in lieu of foreclosure, essentially transfers ownership of a property back to the mortgage company in exchange for releasing the borrower from making any more loan payments. Deeds in lieu are usually initiated by the borrowers and need to be mutually agreed-upon and conducted in good faith. […]
Ideally, tenant-landlord relationships are open and communicative, with neither party ever blindsided by unexpected news. Unfortunately, that is not always the case, which is why many states have provisions regulating how much notice both tenants and landlords are required to give one another in the event of changes. If a landlord chooses to sell a […]
According to Florida law, HOAs are entitled to any late fees, interest accrued and even attorney fees incurred as a result of past due assessments whether or not the association filed a foreclosure suit against you. If your lender forecloses on your home or condo, they can declare your association as a defendant in their […]
A deficiency judgment occurs when a foreclosed home sells for less than the balance owed on the mortgage loan; in the state of Florida, your lender has the legal right to file suit against you in order to garnish your financial assets and recover the difference. If you are facing foreclosure, you may be wondering […]
After a foreclosure, you may be surprised to find that the nightmare is far from over, but if your mortgage lender is unable to recover their entire loan balance after a foreclosure sale, you’re still very much along for the ride. A deficiency occurs when a mortgage lending institution is unable to cover its investment […]