Legal Question in Real Estate Law in Florida

We own a second mortage on 5 acrs in the Ocala forest it has a manufactured home on it.For three years payments of $205.oo were late but they came.Untill three months ago,when the first mortage holder had a mortage co.put them on a plan to get a clean payment record for six months so they can get a payoff for us both.After the first contact with this co.I as told a payment would be here in 4 days,two weeks later no payment,it took another two weeks befor they would answer our calls.They said that they had got them approved for a program that payed half there mortage,and by the way were sending you two months payments the next day.Still no payment, or contact, for four weeks,and we tried a lot,they responded by e.mail only to ask that we not upset the payee,eventhough we had a right to do so he said.Now there 4months behind,and we get a check for $100.oo.We dont take checks,and the check said for modified mortage,we dont have a modified mortage,and sent it back,they refuse to call back or contact us at all,what`s happining? Are we being ripped off?Thank you Hank Dunkin


Asked on 3/10/10, 4:09 pm

1 Answer from Attorneys
David Labovitz Labovitz Law Firm, P.A.

As you know, you took a pretty big risk when you took a second position note behind a first lienholder. The First mortgage holder understands that you are subordinate to their position and that your only option is to foreclose out your second position. In that case, you'd take the property back, but subject to their first lien. They aren't particularly threatened by you. If, by some chance, the property has equity beyond the first mortgage amount, you could consider foreclosing out your mortgagor and taking back the property, subject to the first. Otherwise, I'm not sure you have any other great alternatives.

There are a bunch of smart attorneys floating around this board. Maybe someone else has some further suggestions.

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Answered on 3/15/10, 4:26 pm


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