Real Estate Law
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HelloThis is Samuel and I will discuss this and provide you information in this regard.Can you tell me how it was lost?Was it in writing as part of the loan commitment?
Thank youFlorida passed a law in 2013 that provides the lender must produce the Note before the foreclosure would be final. And you can read more at this link. And it states:The bill:
• Reduces the statute of limitations for deficiency judgments on a foreclosure action from 5 years to 1 year and limits the recoverable amount of the deficiency in some cases.
• Requires the plaintiff in a foreclosure action to provide information to the court upon filing of the case regarding a lost, destroyed or stolen promissory note.
• Provides finality of a mortgage foreclosure judgment for certain purchasers of a property at a foreclosure sale while allowing for monetary damages.
• Allows any lienholder, instead of just the mortgagee, to utilize the statutory expedited procedure; reduces the number of hearings from 2 to 1; and prohibits service by publication when using the expedited procedure unless the property is abandoned.
• Defines adequate protections where there is a lost, destroyed or stolen note. As noted in the Florida Statutes 702.11 HERE
So the bot***** *****ne is yes, they can foreclose without the note. But there are many obstacles the lender must overcome.