Equitable mortgages generally operate like legal mortgages, but in case of default, the legal mortgage debt on a property receives satisfaction before that of any equitable mortgage. The equitable mortgage holder’s rights to the property also dissolve if a third party that does not know of the equitable mortgage buys the property.
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Second, while there is no specific reference to either the equitable mortgage doctrine or Florida statute section 697.01 (which is the Florida legislature’s codification of the equitable mortgage doctrine), it is arguable that the court’s determination that the transaction was a disguised loan represents an implicit determination that the transaction was an equitable mortgage.
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This is an action for monetary, injunctive and other equitable and statutory relief brought pursuant to the Florida Deceptive and Unfair Trade Practices Act, Chapter 501 , Part II, Florida Statutes, Florida’s Consumer Finance Act, Chapter 516, Florida Statutes; and Florida’s Interest, Usury and Lending Practices, Chapter 687, Florida Statutes.
15-Year, 20-Year, and 30-Year Fixed-Rate Mortgages What is a 15-year fixed rate mortgage? A conventional 15-year fixed rate mortgage is similar to a 30-year fixed rate mortgage in many respects. A conforming 15-year fixed rate loan features a limit of $484,350 ($726,525 in high-cost areas) and a consistent rate throughout its lifetime, giving you secure and predictable monthly mortgage payments.
More On Equitable Mortgage & Usury (Florida) This Florida Supreme Court case involved the issue of usury in the context of a civil lawsuit brought to have two deeds declared to be mortgages.
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volving a loan of money evidenced by a promissory note and mortgage. Owing to the esoteric nature of money lending transactions in general, and more particularly to the result reached in the latest expression of the courts, this paper is directed to an examination and exposition of Florida’s
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The Usury Endorsement is issued only in conjunction with the Loan Policy. This endorsement insures against loss by reason of invalidity or unenforceability of the lien of the insured mortgage resulting from violation of the usury laws of a specific state in effect at date of policy. Underwriting Requirements: