Updating condo lien florida
Most mortgages have acceleration clauses which allow the mortgage holder to declare that the entire debt is due and payable as soon as you default on a payment.
For example, if you have a mortgage on your home for ,000 and you fail to make the monthly payment, the lender can demand that you pay the full amount owed or ,000 immediately as soon as you miss one payment.
In markets where there has been a significant drop in real estate prices, some properties will be sold for less than the balance owed on the original loan.
If there is no insurance protecting the mortgage holder (e.g., private mortgage insurance, or PMI) for the difference between what is owed on the property and what it sold for, a court could enter a deficiency judgment against the property owner.
However, technical defenses are not very helpful in preventing foreclosures because a mortgage holder can easily defeat the defense by correcting the procedural defect.
In the example of lack of adequate notice, a mortgage holder can defeat the defense by issuing a new default notice and beginning the proceedings over again.
If a mortgage does not have an acceleration clause, the lender can begin foreclosure proceedings as legally permitted in the state where the property is situated.
As a mortgagor, you are required by law to pay mortgage insurance (e.g., PMI) for the length of time your first mortgage is more than 80% of the value of the property.
Even if your lender does not agree, you have the right to go to court and prove that you did not default on your loan.
State laws and the mortgage holder’s motivation are two major factors.
In many cases, the foreclosure process will start three to six months after they’ve missed their first payment.
Labor performed on or materials furnished to a unit shall not be the basis for the filing of a lien pursuant to part I of chapter 713, the Construction Lien Law, against the unit or condominium parcel of any unit owner not expressly consenting to or requesting the labor or materials.
Labor performed on or materials furnished to the common elements are not the basis for a lien on the common elements, but if authorized by the association, the labor or materials are deemed to be performed or furnished with the express consent of each unit owner and may be the basis for the filing of a lien against all condominium parcels in the proportions for which the owners are liable for common expenses.
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Subsequent to recording the declaration and while the property remains subject to the declaration, no liens of any nature are valid against the condominium property as a whole except with the unanimous consent of the unit owners.