Posted on: 22nd Apr, 2009 05:44 am
I purchased an undeveloped lot with two other co-owners in Florida in 2005. One never applied for the loan or signed the note. A balloon payment came due on 5/1/08 at which time I paid my 1/3rd ($127,500) and was released from the note but not given a mortgage release. Nor was their a certificate of satisfaction executed and/or recorded by the lender. One of the other co-owners quit claimed his interest to the other which person, in turn, secured a modification agreement with the lender. As protection in the event of foreclosure or sale as a "Toxic asset", I feel that I need/am entitled to some type of a release under the concept of equity of redemption.
Hi haworthrg
The equity of redemption can be defined as the right of a mortgagor to redeem his property once the liability secured by the mortgage has been discharged.
In my opinion, you paid off your portion of the mortgage but others have not cleared off the dues. Thus, the lender may not release you from the loan obligation.
Thanks.
The equity of redemption can be defined as the right of a mortgagor to redeem his property once the liability secured by the mortgage has been discharged.
In my opinion, you paid off your portion of the mortgage but others have not cleared off the dues. Thus, the lender may not release you from the loan obligation.
Thanks.
Not only have I paid my portion of the mortgage, but I have been released from all liability on the note as well. Additionally, it seems this doctrine has been codified in Ch 701 of Title XL of the Florida Statutes which provides that the lender must execute a certificate of satisfaction which should be recorded and issued within 60 days of payment. Failure to do so results in a misdemeanor of the 2nd degree
Hi Rodney,
The mortgage has been taken on the property as a whole. Until the total mortgage is satisfied, I don't think you will get your share of the property. Check out the following link to know more:
http://www.mortgagefit.com/florida/laws.html
Thanks
The mortgage has been taken on the property as a whole. Until the total mortgage is satisfied, I don't think you will get your share of the property. Check out the following link to know more:
http://www.mortgagefit.com/florida/laws.html
Thanks
I wented a home in Ft.Lauderdale Florida . Gave the owner 1500.00 deposit. Now the building is in for closuer and the bank owned it now.... they are about to evict me how long do I have to move out. Do I have to pay them?... I don't an agreement with the bank nor the PA, what should I do in this type of situation ?
Hi Jules,
Your query has been answered in the given page:
http://www.mortgagefit.com/annoucements/about34112.html#148050
Please take a look at it. I hope it'll help you.
Your query has been answered in the given page:
http://www.mortgagefit.com/annoucements/about34112.html#148050
Please take a look at it. I hope it'll help you.
Auction is scheduled for end of May.
How do you know if the property is bought? What happens if not?
Would want to be certain property is purchased before vacting but once sold want a smooth move w/o eviction. How can that be done? What do I do with the keys?
How do you know if the property is bought? What happens if not?
Would want to be certain property is purchased before vacting but once sold want a smooth move w/o eviction. How can that be done? What do I do with the keys?
Welcome brook,
After the property sold off at a foreclosure auction, the lender will send you a notice to vacate the property within 3 days. You'll have to leave the property within that time period. While you leave the property, you can mail the keys to the lender.
After the property sold off at a foreclosure auction, the lender will send you a notice to vacate the property within 3 days. You'll have to leave the property within that time period. While you leave the property, you can mail the keys to the lender.
In Florida do you have a right to redemption after house is auctioned? If so how long?
Hi Darla,
Your query has been replied to in the given page:
http://www.mortgagefit.com/florida/rights-redemption.html
Take a look at it. Hope it helps you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/florida/rights-redemption.html
Take a look at it. Hope it helps you.
We never recieved a forclosure notice from our mortgage company. They called and said we have to be out in 16 days. Is that legal?
Hi Rudolph,
The lender has to send you a foreclosure notice before the auction. If he hasn't done so, then it will be considered as illegal. You can take legal actions against the lender in this case.
The lender has to send you a foreclosure notice before the auction. If he hasn't done so, then it will be considered as illegal. You can take legal actions against the lender in this case.