Unique Areas of Florida Law
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What is Article 7, Section 6
Florida Homestead Exemption
Florida Homestead Exemption, what is the Article and Section
Article 7, Section 6
How is Homestead Exemption calculated?
$25,000 deducted from a property's assessed value.
What must a person hold in order to qualify for Homestead Exemption?
- Possess title to real property
- Bona fide Florida Residents living in the dwelling and making it their permanent home as of January 1st
Florida Anti-Coercion Law
the lender may not require the applicant to take (mortgage protection) insurance through any particular agent or company.
What are the two theories in mortgages?
Title Theory and Lien Theory
When providing loan modification services, a licensee must first execute?
written agreement with the borrower
The loan Modification must include?
- Name and address of the person providing the loan modification services
- Nature and detail of each service
- Total amount and terms of charges paid by the borrower.
Once the borrower signs the Loan Modification Agreement, the licensee must provide the borrower a copy when?
Within 3 hours
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