Many secured creditors and equipment leasing companies have encountered defaulted debts, where the debtors and lessees retain possession of the collateral, including cars, boats, machinery, or other equipment. The debt is secured by personal property, but creditors are often faced with the same quandary: how to quickly take possession of […]
This year, through Senate Bill 1120 (SB 1120), Florida adopted its own version of the Telephone Consumer Protection Act, which has been referred to as Florida’s Mini-TCPA. Florida’s Mini-TCPA has striking similarities to the federal Telephone Consumer Protection Act (TCPA), 47 U.S.C. § 227, et. seq. Florida’s expansion of its […]
Lenders who move for summary judgment under Florida’s new summary judgment standard will likely enjoy more favorable outcomes. The court’s more rigorous review of attempts to withstand summary judgment will change expected litigation outcomes, impact litigation strategy, and largely benefits lenders. How Does Florida’s New Summary Judgment Standard Differ From […]
Class action complaints are not a novel concept. Nevertheless, there appears to be an increase in class action complaints alleging violations of consumer protection laws such as Fair Debt Collection Practices Act (FDCPA), Florida’s Consumer Collections Practices Act (FCCPA), Fair Credit Reporting Act (FCRA), or Telephone Consumer Protection Act (TCPA). […]
When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Luckily, lenders can take a […]
In Florida, a lender initiates a foreclosure by commencing a lawsuit in the county where the property is located. If the lender is successful, the lender will receive a final judgment of foreclosure from the court and the property will be sold at a public auction. If the borrower fails […]
Lenders need to be aware that borrowers and other lienholders can bring an action or proceeding to set aside, invalidate, or challenge the validity of a final judgment of foreclosure of a mortgage, even after the foreclosure sale. However, pursuant to Section 702.036 of the Florida Statutes, the foreclosure sale […]
In every foreclosure action, the foreclosing lender will be required to publish some sort of legal advertisement or notice in a newspaper (e.g. the Notice of Foreclosure Sale). “Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is […]
In Florida, if a property owner (borrower) fails to pay its property taxes, the amount owing may become a lien on the property. If this happens, the tax lien will become superior to the lender’s mortgage lien. Fla. Stat. § 197.122(a). This may be troublesome for lenders because the property […]
Except in cases of an owner-occupied residence, lenders are entitled under Florida law to receive payments during the pendency of a foreclosure proceeding. The rules and procedure for obtaining payments are provided in Section 702.10(2), Florida Statutes. Lenders must pay careful attention to this Florida Statute to ensure they preserve […]