Does equity of redemption apply to Florida mortgages

haworthrg · Joined: 22 Apr 2009 Posts: 2 1.33 Dollars($)

I purchased an undeveloped lot with two other co-owners in Florida in 2005. One never applied for the loan or signed the note. A balloon payment came due on 5/1/08 at which time I paid my 1/3rd ($127,500) and was released from the note but not given a mortgage release. Nor was their a certificate of satisfaction executed and/or recorded by the lender. One of the other co-owners quit claimed his interest to the other which person, in turn, secured a modification agreement with the lender. As protection in the event of foreclosure or sale as a "Toxic asset", I feel that I need/am entitled to some type of a release under the concept of equity of redemption.

Niicss · Posted: Mon Apr 27, 2009 4:26 am Post subject:

Hi haworthrg

The equity of redemption can be defined as the right of a mortgagor to redeem his property once the liability secured by the mortgage has been discharged.

In my opinion, you paid off your portion of the mortgage but others have not cleared off the dues. Thus, the lender may not release you from the loan obligation.

Thanks.

Guest

Not only have I paid my portion of the mortgage, but I have been released from all liability on the note as well. Additionally, it seems this doctrine has been codified in Ch 701 of Title XL of the Florida Statutes which provides that the lender must execute a certificate of satisfaction which should be recorded and issued within 60 days of payment. Failure to do so results in a misdemeanor of the 2nd degree

jameshogg · Posted: Mon Apr 27, 2009 8:58 pm Post subject:

Hi Rodney,

The mortgage has been taken on the property as a whole. Until the total mortgage is satisfied, I don't think you will get your share of the property. Check out the following link to know more:
http://www.mortgagefit.com/florida/laws.html

Thanks

All times are GMT - 7 Hours

Page 1 of 1