does anyone know the Florida Foreclosure Law ?
I have a mortgage on a property in Florida that is is just now going
delinquent in payments, although the property owners have vacated the
property some months ago. At the time of our placing a mortgage on the
property there was only a new home, well and septic as improvements on
the land. In the 3 years hence, the property owners have built a barn,
landscaped and fenced the property. Can they remove their improvements
? We are concerned that if we allowed them to do so and they left a mess
we may have difficulty selling and getting our investment back..
does anyone know the Florida Foreclosure Law ?
I do commercial foreclosures in Ohio (full disclosure of what I may know
about Florida law) and have never heard of anyone being permitted to
remove their improvements to a property subject to a mortgage. While
they remain in control, however, I suppose they can do whatever they
want. Have you considered commencing a foreclosure and moving for
appointment of a receiver to manage the property? This is a remedy
available in Ohio (and it may well be provided for in your mortgage and
loan documents) and it would take the property out of the control of the
debtor.