Asked in Real Estate Law for Florida

Q: Is foreclosing on a condo hotel unit harder or any different than other real estate?

I'm looking into micro hard lending for smaller condo hotel units as no one finances them and they must be purchased w cash. They will only lend 100k or more which is more than the cost of many units. If I required 50% down this would secure the loan adequately. Are these units treated any differently if the mortgagee defaulted?

Related Topics:
2 Lawyer Answers
Jane Kim
Jane Kim
  • Naples, FL
  • Licensed in Florida

A: Mortgage foreclosures for residential and commercial properties follow substantially the same judicial process.

Barbara Billiot Stage agrees with this answer

A: You should hire a real estate lawyer, preferably one with condo-tel experience, to review the condominium documents because these types of condominiums a have their own special headaches other than foreclosure and a lot is affected by the Declaration of Condominium and other documents. There is a reason lenders have stopped lending for these properties. A few I can think of are foreign investors, cash sales without paying off the mortgage, non-payment of association fees, county liens and tax deed sales.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.