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Mortgage Law Update

A recent decision authored by Third District Judge Barbara Lagoa will energize §702.1001 (2010) and should be examined by counsel and lender with respect to all commercial foreclosures. Farah Real Estate and Investment, LLC v. Bank of Miami, ___ So.3d ___, Case No. 3D10-2602 & 3D10-2603 (Fla. 3d DCA, March 16, 2011). In Farah, the court insisted upon full enforcement of the “show cause” procedure in non-residential cases, which requires either monthly payments or turnover of possession of the property if the lender shows probable validity of its claim. Although rarely treated in prior appellate jurisprudence, this decision could prompt much greater lender reliance on §702.10(2) in future non-residential cases.