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What Lenders Need to Know About Providing Adequate Protection for a Lost Note under § 702.11 in Connection with a Mortgage Foreclosure

May 10, 2021 Banking & Financial Services Industry Legal Blog

Section 673.3091, Florida Statutes, permits lenders to enforce lost, destroyed, or stolen instruments, but only upon certain conditions. One of those conditions is that “the person required to pay the instrument is adequately protected against loss that might occur by reason of a claim by another person to enforce the […]

What Lenders Need to Know about Expediting Foreclosures Through § 702.10 Orders to Show Cause

May 5, 2021 Banking & Financial Services Industry Legal Blog

Lenders can often expedite a foreclosure by moving for an order to show cause under Section 702.10, Florida Statutes. There are two types of orders to show cause. The first directs the defendants to show why a foreclosure judgment should not be entered. § 702.10(1), Fla. Stat. (2020). If the defendants […]

Foreclosure Alternatives for Lenders: Considering Modification, Short Sale, Deed In Lieu of Foreclosure, and Consent Judgment

May 4, 2021 Banking & Financial Services Industry Legal Blog

Foreclosures can be a lengthy, expensive process for both lenders and borrowers. There are several foreclosure alternatives lenders can consider that often achieve more effective resolutions, which are acceptable to both parties. When both the lender and borrower believe the borrower should remain in possession of the property, modification is […]

Lenders Beware: Be Sure to Foreclose Subordinate Liens and Encumbrances

April 2, 2021 Banking & Financial Services Industry Legal Blog

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. Failure to discover subordinate liens and encumbrances will cause lenders to mistakenly exclude […]

ASTM E1527 Changes: Coming Soon to a Property Assessment Near You

March 24, 2021 Banking & Financial Services Industry Legal Blog, Real Estate Development, Sales and Leasing Industry Legal Blog

Lenders, Developers, Environmental Professionals and others over the years have come to know the industry standard for conducting and reporting environmental due diligence, “ASTM E1527 Standard Practice for Environmental Site Assessment: Phase I Environmental Site Assessment Process”.  E1527 (commonly referred to as a “Phase I”) was designed by ASTM International […]

Defaulted Loans: Florida State Laws, Federal Laws and Federal Regulations

March 19, 2021 Banking & Financial Services Industry Legal Blog

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Lenders must ensure compliance with all relevant State and Federal laws and regulations to preserve their remedies for recovery. Additionally, specific Federal regulations may also apply and provide additional requirements […]

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