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I have a mortgage, 5 years of a 15 year note, and have

I have a mortgage...

I have a mortgage, 5 years of a 15 year note, and have defaulted because I neglected to pay 4 years of property tax. My lender, a private individual from whom I bought the house, paid the taxes. No he is planning to foreclose. My question is, if he forecloses and I secure a private loan to pay him off, am I able to due so. He maintains that once he begins the proceedings, I cannot pay off the loan and that it will revert back to him. My understanding is that even if it is in foreclosure, I can pay him and he must accept, if all costs are satisfied. So, which is it? Bob Ringo

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No. i was informed on Thursday. I am putting together a lender package. I am going after some private lenders - family and friends. Not hard money. I owe 51k and it is valued at between 125 and 150k. Not an appraisal, just a r e estimate.

Lawyer's Assistant: Where is the house located?

Crystal River, FL 34429. It is on a salt water creek with Gulf access. Do you want the address?

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Customer reply replied 4 months ago
OK. I did not understand. I'll just wait to hear.
Answered in 18 minutes by:
3/26/2018
KLAW
KLAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 2,498
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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Good afternoon. I am a legal expert attorney who will assist you today.What does your agreement state about redemption?
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Customer reply replied 4 months ago
It says there is no prepayment penalty. He says since I am in default that it does not apply. My main concern is this. In FL if the lender starts foreclosure, does the buyer have an opportunity to settle by payment in full of all outstanding debt?
Customer reply replied 4 months ago
No thanks about the phone. Are you still there? The connection dropped.
The prepayment penalty is about paying the loan off early, so it does not apply. Default is governed by the contract under Florida’s law.Once they start the process of foreclosure they do not have to accept payment of the arrears, they can just file the action.Florida foreclosures are judicial, which means the lender files a lawsuit in court to foreclose your home. Under Florida law, after foreclosure is granted, the court clerk must promptly file a certificate of sale after the foreclosure sale takes place (Fla. Stat. Ann. § 45.031(4)). This usually occurs within one day of the sale.You can redeem the home at any time before:the clerk files the certificate of sale, or
the time stated in the foreclosure judgment, whichever is later (Fla. Stat. Ann. § 45.0315). (You’ll get a copy of the foreclosure judgment from the court by mail. In most cases, the judgment will state that your right to redeem ends when the clerk files the certificate of sale.)However, you should appear in court after the summons is served and put in an answer.I hope this clarifies. Please don’t forget to rate the question with stars. We as attorneys are not employees of Just Answer and are not paid unless you rate the question with stars.
KLAW
KLAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 2,498
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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