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Florida Banking Law Blog Legal developments impacting banking, finance and loan enforcement in Florida

Tag Archives: Residential Real Estate Lending

SCOTUS to Consider City of Miami’s Predatory Lending Lawsuit Against Banks

Posted in Residential Real Estate Lending

In a case that will have a direct impact on creditors, the U.S. Supreme Court has agreed to hear an appeal involving the City of Miami’s claims in three related cases that it suffered damages through alleged discriminatory lending practices of residential mortgage lenders including Bank of America, Wells Fargo, and Citigroup. The Court’s final… Continue Reading

Correcting a Legal Description after Final Judgment of Foreclosure and Sale

Posted in Commercial Lending, Commercial Real Estate Lending, Residential Foreclosure, Residential Real Estate Lending

Including an accurate legal description (known as the “legal”) in a mortgage is of utmost importance to lenders; in the event of foreclosure, a purchaser (often the lender) cannot obtain clear title to the property unless it obtains a deed where the legal matches the property actually held by the original mortgagor prior to the… Continue Reading

Documentary Stamp Taxes: Enforcing a Promissory Note and Mortgage Prior to Payment

Posted in Commercial Lending, Commercial Real Estate Lending, Dischargeability of Debts, Residential Real Estate Lending

While failure to pay Florida’s documentary stamp taxes on a promissory note or mortgage can subject the offender to criminal and financial sanctions, the state’s courts of appeal are split when it comes to determining whether Florida law permits enforcement of a note or mortgage when those taxes remain unpaid.  The split centers on language… Continue Reading

Recent Cases Support Foreclosing Lenders against Challenges to Standing

Posted in Commercial Real Estate Lending, Residential Real Estate Lending, Uncategorized

The Florida Second District Court of Appeals recently ruled on yet another challenge to a note holder’s standing to foreclose based on lack of ownership of the mortgage.  In OneWest Bank, F.S.B. v. Bauer (May 30, 2014), the Florida Second District Court of Appeals held that the holder of a note had standing to foreclose,… Continue Reading

Enforcing a Lost Promissory Note

Posted in Banking Operations, Commercial Lending, Commercial Real Estate Lending, Debt and Judgment Collection, Dischargeability of Debts, Loan Sales and Syndications, Residential Foreclosure, Residential Real Estate Lending, Special Assets Litigation

In Florida, it is well established that the original promissory note must be surrendered to the court as a condition of its enforcement. What do you do when you cannot find the original promissory note? Florida Statutes 673.3091 sets out a procedure to follow in order to  “reestablish” a lost note and provides that a… Continue Reading

Documentary Stamp Tax on Renewal Loans – A Review of the Basics

Posted in Banking Operations, Commercial Real Estate Lending, Residential Real Estate Lending, State Tax Issues

With property values slowly increasing and borrowers beginning to see the light at the end of a long recession, the demand for renewal loans is slowly building. To that end, let’s briefly review a few of the key rules concerning documentary stamp taxes as they apply to renewal loans. Generally, in Florida, a written promise… Continue Reading