We pride ourselves on being able to provide efficient, effective litigation and related services to our foreclosure clients. We are heavily involved in foreclosures and/or workouts of non-performing or under-performing loans of any amount, and of any position (first, second, third and other mortgage positions, condominium and homeowner association liens, construction liens, judgment liens, and other lien positions). In the commercial loan context, we have experience in such complicated matters as resort, hotel and motel foreclosures, restaurant foreclosures, assisted living facility foreclosures (both occupied and unoccupied) and other such properties. We also competently foreclose standard residential loans. All of our foreclosures emphasize prompt action, as we understand that clients holding non-performing or under-performing loans typically want to bring the matter to a beneficial close as quickly as possible. To promote prompt action, we closely monitor, track, calendar and act on our foreclosures to insure the utmost of speed and efficiency. We also work to insure that our foreclosures are completed not only quickly, but also intelligently and correctly. A fast foreclosure that does not properly clear title, or that ignores other potentially relevant concerns does not serve our clients and only causes delays and problems in the future.

PROTECTING YOUR MORTGAGE

Not all of our foreclosures involve non-payment or under-payment of the note secured by the mortgage. If the loan documents allow, it can be beneficial to file a foreclosure because an owner has not paid property taxes, has allowed code-enforcement or utility liens to attach, or because other “super priority” liens have attached to the property. Filing a foreclosure in these cases can force a borrower to satisfy these obligations. Resolving property tax, code enforcement, utility lien or “super priority” liens is important because these liens can, in certain instances, supersede even a first mortgage. When another lien supersedes our client’s mortgage, this lien worsens the loan to value ratio, further impairing the value and security of the property. If the loan to value ratio was marginal at the inception of the loan, a property tax, code enforcement, utility lien or “super-priority” lien can actually lead to our client having, in effect, an unsecured portion of the loan. For example, if our client lent $250,000.00 on a property that was worth $330,000.00, the loan to value ratio would be about 76%. If two or three years of property taxes accrued, or some other “super priority” liens attached to the property for $100,000.00, the loan to value ratio would then be about 106%, which would, in effect, leave 6% of the loan unsecured. The situation worsens if the beginning loan to value ratio was 95% (hypothetical loan of $313,500.00), as in that instance, if the $100,000.00 “super priority” lien attached, the loan to value ratio would then be about 125%, and in theory a client could stand to lose $78,375.00 on the deal.Issues such as these can be eliminated or reduced by occasionally monitoring the tax rolls and public records to insure that no such liens have attached. If they have, and if the loan documents so allow, filing a foreclosure may well be in a client’s best interest.In addition to property taxes, code enforcement, utility liens and “super-priority” liens, other potential factors and situations can exist that would make filing a non-payment related foreclosure advantageous.If you have a loan that may suffer from a “super priority” interest, or if you would like a review of your loan documents to determine if you could foreclose in such an event, we are available to provide a review and consultation, and are always happy to discuss other potential situations if you desire.

FORECLOSING ON SECOND, THIRD OR OTHER MORTGAGES

Often, when a superior mortgage (first mortgage, or any mortgage earlier than our client’s interest) is in default, so is our client’s inferior mortgage. If the superior mortgage holder files the foreclosure first, we often recommend filing what is known as a cross-claim foreclosure. A cross-claim foreclosure is when the inferior mortgage holder files their own foreclosure, in the same action that the superior mortgage holder is foreclosing in. Among other benefits, filing a cross-claim foreclosure can often insure that the defendant debtor, if they elect to reinstate (pay the amounts late and owing) or satisfy (pay off the entire balance owing) the superior mortgage, that they will do similarly with the inferior mortgage holder. What often happens if a cross-claim foreclosure is not filed, is that the defendant debtor will delay matters as long as possible, until days before the foreclosure sale, and will then reinstate the loan. After reinstatement, the superior mortgage holder usually dismisses the foreclosure action altogether, and the inferior mortgage holder has now gone many months without payment, and is no closer towards foreclosing their own interest to force a reinstatement, payoff or other resolution, and must now start over again.If you hold an inferior mortgage and have been named as a defendant in a mortgage foreclosure complaint, we sincerely believe that you operate at your own peril if you do not obtain legal advice before proceeding. While we are happy to provide such advice, and do so regularly, if you choose not to retain our services to provide the advice, you should certainly obtain competent legal advice somewhere.

DEFENDING THE INFERIOR MORTGAGE OR LIEN POSITION

In other foreclosure-related matters, often our clients hold an inferior mortgage or lien position (second, third or other mortgage or lien) and are named in a superior mortgage foreclosure action. In these cases, we work diligently to protect our client’s position and to insure that the superior lien foreclosure does not overreach and attempt to secure principle, interest, fees, costs or other amounts to which they may not be entitled. A combination approach of intelligently responding to the underlying complaint, and attentively monitoring these foreclosures as they proceed helps prevent the inferior lien position from being diluted in the event surplus proceeds are generated at the foreclosure sale.

CONSTRUCTION LIEN FORECLOSURES

We represent contractors, subcontractors, laborers, material suppliers, tradesmen, homeowners, buyers and others in all areas of construction law, including the impact of Florida Statute 713, governing construction liens. Services include, among others, drafting and reviewing contracts and related documents, and providing solid advice on creating or defending lien rights on real property.

ASSOCIATION LIEN FORECLOSURES

JUDGMENT LIEN FORECLOSURES

We domesticate and file judgments to create a lien on a defendant or debtor’s real property, and, where appropriate, foreclose the judgment liens to generate funds to partially or satisfy the underlying judgment. We also defend judgment lien foreclosures where such a remedy is not available to a creditor.

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