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The terms of the mortgage define and give context to default and
authorize the mortgagee to foreclose. Gulf Life Ins. Co. v. Pringe, 216
So. 2d 468 (Fla. 2d DCA 1968). Defaults are usually the result of a
failure to pay but a non-monetary breach of the mortgage such as a
failure to maintain insurance of the commission of waste can be the
basis of a default. Foreclosure is not appropriate where the breach is
merely technical. Haven Fed. Sav. & Loan Ass'n. v. Carl, 456 So. 2d
1290 (Fla. 2d DCA 1984); Clark v Lachenmeier, 237 So.2d 583 (Fla. 2d
DCA 1970)
Service of Process
The holder of the mortgage and the owner of the note at the time suit
is filed are the proper parties to pursue a foreclosure. Any assignment
of the note or mortgage must be supported by the record and must pre-
date the filing of the complaint. Jeff-Ray Corp. v Jacobson, 566 So.2d
885 (Fla 4th DCA 1990). Assignment need not be attached to the
complaint as long as the complaint alleges the plaintiff owns and holds
the note and mortgage.
A foreclosure action must name all the title holders. Joining junior
lienholders is optional. They are not indispensable parties. If not
joined, the interest of the junior lienholder cannot be foreclosed.
Cooper v Wolkowitz, 375 So2d 1099 (Fla. 3d DCA 1979). Co-
tenants/mortgagees must be named, Lambert v Dracos, 403 So.2d 481
(Fla. 1st DCA 1981). Persons with a lease or an option to purchase may
be joined. A separate eviction action is not required if the tenant is
named and served in the foreclosure (FLRIDA) Redding v Stockton,
Whatley, Davin & Co, 488 So2d 548 (Fla. 5th DCA 1986) Unless priority
is an issue, superior lienholders are not necessary parties. Cone
Brothers Constr. Co. v Moore, 193 So. 288 (Fla. 1940); Poinciana Hotel
of Miami Beach, Inc. v. Kasden, 370 So. 2d 399 (Fla. 3d DCA 1979), cert
denied 381 So.2d 768 (1980)
US --GAAP
financial statement reporting required to follow & need to be
compliant with US GAAP
all domestic companies US companies
Does the new transferor have to disclose to anyone who has a security
interest - someone managing that asset--is there a fiduciary
responsibility to the person having an interest
Can a debt be securitized? Yes, buy bonds into a SPE and can sell
interest in those.
UCC codes
Can keep a continuing interest in something that I sell and keep sell
accounting--meaning keep as a asset.
MORE QUESTIONS:
1) Are there disclosure rules that entities have to comply with with
regard to requests for information? What code/law is invoked to
request such information? What are the parameters of the information
to be requested? What do they have to give you? Are there
timelines/deadlines in which they have to give you the information?
2) What is the section number that FAS 140 and FAS 166 would be
called now?
8) Is MERS a QSPE?
12)What laws would be evoked for a violation of FAS140 and FAS 160?