What is a Secured Transaction?

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What is a secure transaction? A secured transaction is one where you have an obligation, which is usually a promissory note. And there is a pledge of collateral that goes secures  the note so that if the note is not paid, then the lender has a right to take back the collateral. So, the obligation is secured by what the collateral is and a real estate transaction. You have the bar or sign the note, and then they also sign a mortgage. And the mortgage states that if they don’t make the payments on the promissory note, they don’t pay the taxes or keep the property insured. Then you have a right if they default to foreclose and take their property away. So, you’re secured for the value of whatever the collateral is. If it is personal property, such as an automobile, they have, you signed what they call a security agreement.
And that’s where you’re pledging the automobile for the repayment of the loan. If you default on the loan and there that controlled by the uniform commercial code, which allows them self-help, which is usually a repossession of your automobile with a tow truck driver or whatever. And then they sell the, automobile at auction or whatever, to try and recoup as much as they can to repay a portion of the debt. So, sometimes the obligations are over secured in which case you’re entitled to any excess. If the collateral is not worth or not worth what is owed well, then you may be sued. And for the difference between the value of the collateral when it was sold or at the time of the sale, and how much is owed and a judgment entered against you. If you have any questions about a foreclosure action, or give me a call at (727) 847-2288.

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What kind of lawyer handles property disputes? Well, that’s difficult to give you a specific category. You probably just need to call to particular lawyers and ask them if they handle property disputes and see if they do that. A lot of general practitioners, who do litigation can handle a property dispute. You can also, uh, contact board certified real estate attorneys and ask if they would handle a property dispute. Some of those board certified real estate lawyers do litigation and others do not. So, it’s very difficult to give you a particular category or person to contact, I suggest that you may be start with the board certified real estate lawyers and call and ask if they handle a dispute and sorta tell whoever answers the phone, what the dispute is to see if that’s in their area of expertise, because not all real estate lawyers litigate. If you have any questions about a property dispute, I’ll give me a call at (727) 847-2288.

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With a neighbor’s problematic uses of the property that’s next door to you? Well, that’s a real problem, but about the only solution, which is not a very good one is to contact the County or municipality where you live. And if there’s any code violations, ask the County to come out and investigate the situation and see about having the neighbor sided and hopefully correct the problem. If it is a continuing problem that rises to a nuisance, which is a legal term, you can contact an attorney who could fall on the action for nuisance and see about having the court, enjoined them from this particular use of the property. Usually a nuisance action is cost so much that it’s only use used whenever there’s commercial property involved,  because of the attorney fees involved. So, if you have any questions, give me a call at (727) 847-2288.

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May a lender perform an interior inspection of the property if they have concerns about the property condition? The answer to that is no, they can not. Unless the loan is in default, the mortgages don’t allow them to do an interior inspection due to the condition. They only have a right to, they can do a drive by, there is an exception. However, in the residential mortgages, in the event, the property is vacant. They have a right to conserve the property and scene and whenever there’s a foreclosure and the property is vacant, they send contractors out that, hang a notice on the door, that where they’ve gone and secured the property and they’ll enter the interior of the house. There’s been certain abuses of that, when it’s in foreclosure, it’s a tough situation. If they have abused that privilege, if you’re occupying the home or occupying the property, then they’re not going to be able to enter the property while you’re there. So they don’t have a right to do the interior inspection on residential property. If it’s a commercial loan there, you might have look at the terms of the mortgage, but generally if the mortgage is current, they don’t have a right to come in and inspect the interior of the unit. So, if you have any questions about this, give me a call at (727) 847-2288.

 

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I am having trouble with my homeowners insurance they denied a claim. What can I do? That number one, we would need to see why they denied the claim. They may have denied it because you did not have coverage. But the answer to that is, is you need to contact an attorney who handles claims against insurance company for property damage though. There’s not as many of these lawyers available to sue insurance company over property damage, as they are for personal injury. Most of the attorneys you see that advertise on billboards are, only handled claims against insurance companies for personal injury or wrongful death. So you would need to find an attorney who would sue an insurance company for property damage, and they would need to make an appointment with them and have them review your title, policy, and or title policy, your insurance policy, to determine whether or not your loss is covered. If it is, and they’ve denied the claim they will undertake to represent you, against your insurance company. I do not handle property insurance claims, but if you call me, I will be glad to give you the name of an attorney in the Tampa Bay area. Who does handle property claims against insurance companies. My phone number (727) 847-2288.