When a consumer borrowers money from a lender to be used to purchase or to refinance an existing debt and puts a piece of residential or commercial real property up as collateral a mortgage is being created. The mortgage instrument is typically recorded in the public records where the real property is located in order to put prospective buyers and/or other lenders on notice that the mortgage lien exists. If the borrower (mortgagor) can no longer afford to meet their financial obligations in regards to the mortgage and underlying promissory note the lender (mortgagee) may choose to accelerate the debt and foreclose on the property. The State of Florida is a judicial foreclosure state which requires the mortgagee to file a lawsuit against the mortgagor after completing certain conditions precedent. If the mortgagee is able to successfully prove their case, a judgment will be entered, and a sale date for the real property to be sold at a public auction will be set. The parties will typically engage in loss mitigation negotiations during the entire process until the foreclosure sale takes place. If you have real property with a mortgage lien that is currently in default then please call Brian M. Rokaw, P.A. to schedule a free no obligation consultation – (305) 722-5888.
