News

By: Edward L. Kelly Including an accurate legal description (known as the “legal”) in a mortgage is of utmost importance to lenders; in the event of foreclosure, a purchaser (often the lender) cannot obtain clear title to the property unless it obtains a deed where the legal matches the property actually held by the original mortgagor prior to the sale. As Bank of America... read more

By:  Edward L. Kelly The doctrine of subrogation enables a party discharging another’s debt to step into the shoes of the creditor who held the discharged debt.  Subrogation plays a significant role in the mortgage context, as the concept acts as an exception to a state’s recording statute, enabling one creditor to replace another creditor and obtain the latter’s... read more

By: Edward L. Kelly While failure to pay Florida’s documentary stamp taxes on a promissory note or mortgage can subject the offender to criminal and financial sanctions, the state’s courts of appeal are split when it comes to determining whether Florida law permits enforcement of a note or mortgage when those taxes remain unpaid.  The split centers on language contained in... read more