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How to Foreclose on Mortgaged Land in Different Counties

Jimerson Firm

In Florida, foreclosure actions must be brought in the county where the land is located. This is typically referred to as the “local action rule.” However, lenders often wonder where they should file the foreclosure action if the loan is secured by mortgaged land situated in different counties.

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The Top Five Things Lenders Need to Know About Florida’s Construction Lien Law

Jimerson Firm

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Florida’s Construction Lien Law found in Chapter 713, Florida Statutes, may seem like an area of the law that is only relevant to contractors and property owners.

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Filing a Foreclosure Lawsuit? Make Sure You Check the Local Rules

Jimerson Firm

In Florida, mortgage foreclosure lawsuits are filed in the county where the property is located. Although Florida foreclosures are governed by Chapter 702 of the Florida Statutes , foreclosing lenders must also check the local rules of the court where the lawsuit is filed to make sure that they comply with any additional requirements.

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How to Get a Deficiency Judgment After a Foreclosure Sale

Jimerson Firm

When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. However, sometimes the sale proceeds are insufficient to satisfy the full amount of debt owed.

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How to Maximize Recovery on a SBA Loan by Negotiating a Workout Agreement

Jimerson Firm

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan.

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Serving a Defendant in a Residential Foreclosure Action by Publication

Jimerson Firm

The defendants may be served by personal service or substituted service. If a defendant cannot be located, then service may be effected by constructive service, i.e., service by publication, which is governed by Chapter 49, Florida Statutes.

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Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 4 – Assignment of Rents Under Section 697.07, Florida Statutes

Jimerson Firm

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.