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Samuel-II, Lawyer
Category: Real Estate Law
Satisfied Customers: 27011
Experience:  real estate law
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How can I hold my lender accountable my locked rate?

Customer Question

How can I hold my lender accountable for losing my locked rate?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Samuel-II replied 1 year ago.


This 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?

Customer: replied 1 year ago.
I thought this was a sample question.
My question is this:
If a person signs a mortgage in the state of Florida, but not the note, can that person be held responsible to pay the loan off?
Can they be foreclosed on?Thanks
Expert:  Samuel-II replied 1 year ago.

Thank you

Florida 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.