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Attorney Tom Olsen is host of the Olsen on Law Radio Show on FM 96.5 WDBO in Orlando. You can reach Tom at 407-423-5561 or tom@lawtube.com. Tom has been answering legal questions on his radio show for 26 years and has been practicing law in Orlando, Florida for over 30 years.

CALL OR TEXT CHRISSY AT 407-808-8398 IF YOU NEED A LAWYER OR ATTORNEY IN CENTRAL FLORIDA INCLUDING ORLANDO, WINTER PARK, WINDERMERE, DAYTONA BEACH, THE VILLAGES, MELBOURNE, ALTAMONTE, LAKE MARY, LONGWOOD, COLLEGE PARK, BAY HILL, OVIEDO, SANFORD, DELAND, DEBARY, DELTONA, LEESBURG, CLERMONT, THORTON PARK, BALDWIN PARK, PONCE INLET, NEW SYMNRA, ORMOND BEACH, ST. AUGUSTINE, KISSIMMEE.

Attorney Tom Olsen: Let’s go to Charlie in Lake Mary. Charlie, you’re on News 96.5, go ahead.

Charlie: Yes, I have a piece of commercial property and I have a mortgage with someone and they’re three months behind on the rent, they haven’t paid the taxes for two years.

Attorney Tom Olsen: All right.

Charlie: If I start a procedure against them can they pay the payment and stop it?

Attorney Tom Olsen: No, now that they are in default, Charlie, you have a right to accelerate the loan, mean, demand the entire balance of the loan to be due. Once you have accelerated the loan they do not have the right to make back payments and get back on track with you. Now Charlie --

Charlie: Does this take longer than for just a rental property?

Attorney Tom Olsen: Yes, because to evict somebody in Florida you can do it in two weeks, to do a mortgage foreclosure these days, Charlie, you’re probably looking at three to six months.

Charlie: Okay, and is there any time during this procedure that they can stop this?

Attorney Tom Olsen: A bankruptcy --

Charlie: That they have to make it all right before or stop?
Attorney Tom Olsen: They would have to pay you in full to make it stop or file bankruptcy. Now, Charlie, how much is the property worth?

Charlie: It’s worth about $140,000.

Attorney Tom Olsen: And how much are you owed?

Charlie: Around $90,000.

Attorney Tom Olsen: Okay. Well, good news Charlie, you are well secured. Charlie, your remedy is a mortgage foreclosure action. In this mortgage foreclosure action remedy, Charlie, there are only two possible outcomes: one is, you get all your money, interest, court cost and attorney’s fees; or two, you become the owner of the property again. Either one is not so bad for you, Charlie. Now, Charlie, good news, Colonel Airth is the attorney at my office that does mortgage foreclosures. Colonel is at my office right now, Charlie, you can hang up with me, call Colonel Airth at 407-423-5561. Again, Colonel Airth and other lawyers are at my office right now at 407-423-5561.

Produced by Professional Media Ideas. Call or text Chrissy Merrill at 407-808-8398 or by email at chris@lawtube.com

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