Legal Question in Real Estate Law in Florida

Re: Mortgages

You do not file another mortgage. Obtain a receipt.

Re: Mortgages

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Yes, you can make a separate agreement for the partial repayment. The chances are that your Promissory Note allows for a partial repayment anyway. If you execute a new Mortgage, you will have to pay documentary stamps again and perhaps intangible tax. Do not make that mistake.

Scott R. Jay, Esq.

Re: Mortgages

By sending a check to the private mortgagee (lender) and writing on the check "payment towards principal" that should be acceptable, provided there is no "pre-payment penalty" in the Promissory Note. There is no new mortgage or note that need be prepared as a result. It might be a good idea to send the check with a cover letter again explaining that this payment is towards principal and send that letter via certified mail. Should you require further assistance regarding this matter you may reach me at the number below and I could explain the nature of my representation and costs of same.