Legal Question in Real Estate Law in Florida

Can only mortgage companies hold a mortgage on real estate now, or can we still seek financing outside the mortgage companies? How about existing mortgages held by private individuals?


Asked on 12/17/10, 1:16 pm

2 Answers from Attorneys
Shelly Schellenberg MI & FL private practice

A mortgage held by a private individual is valid, but fraught with legal problems for both the mortgagor and mortgagee if they don't both know what they are doing, and/or have legal assistance to complete the transaction. This is NOT a transaction that novices want to be involved in.

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Answered on 12/22/10, 2:44 pm
Richard Kaplan

You can still get a mortgage from a private person. However, just be careful, and you may want legal counsel.

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Answered on 12/22/10, 3:04 pm


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