An often overlooked part of the whole foreclosure process is the default letter. Read your note and mortgage carefully, (pay attention to paragraph 22). When the banks drafted their form mortgage they included a paragraph that requires them to send the homeowner a very specific default letter…here’s the important part…..(wait for it)….they almost never send out the correct letter, and if they do not do the letter correctly….THEY CANNOT GET FORECLOSURE…it’s a failure of a condition precedent.
Florida’s Second District Court of Appeals recently affirmed the importance of fulfilling this condition precedent in the Konsulian decision….read this decision carefully because it affirms the basic law of contracts which holds that a contract is strictly construed against its drafter…the banks are big boys and girls, they hire (with your money) attorneys that make big, big money….it’s not unreasonable to require their clients to follow (PRECISELY) the contracts that they drafted!
Click below to read the case and especially read the law review article….