Florida Real Estate Exam Prep 33, Mortgage Instruments and Foreclosure

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- The promissory note is the evidence of debt (an IOU), while the mortgage is the security instrument pledging the property as collateral.

- Florida is a lien theory state, meaning the borrower holds legal title to the property and the lender holds a lien.

- The acceleration clause allows a lender to demand the full loan balance upon default, initiating the foreclosure process.

- Florida requires a judicial foreclosure process and recognizes a borrower's equitable right of redemption, which exists only *before* the foreclosure sale.

- Lenders may obtain a deficiency judgment if the foreclosure sale does not cover the full amount of the outstanding debt.

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