Legal Question in Real Estate Law in Florida
mortgage foreclosure
II sold a commercial property and hold the mortgage. It was amoritized at 30 years with a 5 year balloon, as the 5 year balloon date has now come and gone and they only paid their regular monthly amount, should I begin foreclosure proceedings? Can I reclaim the property or does it have to be sold at a courthouse auction? Can the 5pct late fee penalty in the contract be added to the mortgage since it was not paid, do I need to do anything to preserve my rights?
2 Answers from Attorneys
Re: mortgage foreclosure
yes
Re: mortgage foreclosure
You have the right to begin foreclosure proceedings once you have complied with the default notice provisions in the Mortgage. In the event you obtain a final judgment of foreclosure, the Court will schedule a Judicial sale of the property. At the Judicial sale, you can bid on the property for as much as you are owed on your Mortgage, without putting additional money down to reclaim ownership of the property. Should you wish to discuss this matter in greater detail, please do not hesitate to contact me.
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