Buying a new home is an exciting -- and sometimes overwhelming -- event. For many people, it is the most significant transaction of their lives. In all the excitement, it can be easy to make some missteps or fail to see some red flags that could jeopardize your home and your rights as a homeowner.
Many people are aware that, in 2013, the Florida legislature shortened the period within which a lender must start a suit for the mortgage deficiency from five years to one year. What is a 'mortgage deficiency?' This is essentially defined as the amount a court determines is the difference between the value of the real property at the time it is sold and conveyed by the Clerk after the entry of foreclosure judgment and the total amount owed on the mortgage at that time.
Florida's tag as the Sunshine State positively influences individuals and businesses thinking of relocating. Many people choose homes in community associations, whether condominium, cooperative or homeowner associations.