FORECLOSURE LAW

Foreclosure involves enforcement of liens on real and personal property.  Mortgages on real property are foreclosed thereby extinguishing inferior lien and other interests by judgment.  A foreclosure sale is held at which the lender/plaintiff receives a bid credit in the amount of the judgment.  The successful bidder at the foreclosure sale, often the lender, obtains a Certificate of Title to the real estate.  Liens on personal property may be foreclosed, or the lender may avail itself of other remedies available under the Florida Uniform Commercial Code, such as peaceable repossession of the property.

ASSET RECOVERY

Asset recovery involves utilizing legal process to subject real or personal property pledged as collateral under loan agreements to sale to satisfy a debt.  Through foreclosure, title to real property is either acquired by the mortgagee, or the mortgage debt is satisfied, in whole or in party, by public sale of the real estate.  Personal property may be peaceably repossessed.  After recovering possession of personal property, either by peaceful repossession or judicial process, the next step is sale of the collateral to satisfy the debt.  With real or personal property, to the extent the sale proceeds are insufficient to pay the debt, the secured creditor will often seek a deficiency judgment for money damages against the debtor.