Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages. Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing with hotel/restaurant mortgage defaults. This article provides a high-level overview […]
In 2010, the Florida Supreme Court approved an amendment to the Florida Rules of Civil Procedure regarding mortgage foreclosures and enacted new forms, such as Form 1.996(b), Motion to Cancel and Reschedule Foreclosure Sale. In 2014, the Florida Supreme Court renumbered this form to the current Form 1.996(c) (2019). If […]
A residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court. All named defendants will need to be notified of the lawsuit by being served process with a copy of the complaint and a summons. The defendants may be served by personal service […]
Parts 1-3 of this series explored alternative pre-foreclosure loss mitigation options for lenders including acceleration and enforcement of personal guarantees. This article explores Section 697.07, Florida Statutes, which governs the assignment of rents. Assignment of Rents under Section 697.07, Florida Statutes Pursuant to Section 697.07, Florida Statutes, a mortgage or […]
Since 2013, residential foreclosure actions in Florida have been significantly shortened—from over two (2) years to possibly less than six (6) months—because of the new “fast-track” process provided in section 702.10, Florida Statutes. This fast-track foreclosure process starts with the filing of a “verified” foreclosure complaint that sufficiently alleges standing, […]
On July 1, 2020, the Uniform Commercial Real Estate Receivership Act (“Act”) became law in Florida as part of the newly created Chapter 714 of the Florida Statutes. The Act codifies existing common law in Florida regarding the right to have a receiver appointed by the court in commercial foreclosure […]
In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. With commercial loans, typically the loan documents will include an acceleration clause, which allows the lender to accelerate all […]
Wage and hour lawsuits under the Fair Labor Standards Act (“FLSA”) make up a significant percentage of employment lawsuits in the United States, and particularly in Florida. That trend holds true in the financial services industry, despite such lawsuits being more commonly associated with lower paid jobs. Below, we discuss […]
In 2013, the Legislature enacted Section 702.015, Florida Statutes, which sets forth new pleading requirements for residential foreclosure actions. At that time, the Legislature requested the Florida Supreme Court to amend the Florida Rules of Civil Procedure to provide expedited foreclosure proceedings in conformity with Section 702.015. As such, the […]
In 2010, the Florida Supreme Court amended Florida Rule of Civil Procedure 1.110(b) to include a verification provision in foreclosure complaints. Subsequently and in an effort to expediate the residential foreclosure process in Florida, the Legislature enacted Section 702.015, Florida Statutes, which sets forth additional pleading requirements for foreclosure complaints. […]