Lage v. Pan American Bank

BASKIN, Judge.

The question presented in this appeal from a Final Judgment in a mortgage foreclosure action is whether the provisions of the balloon mortgage statute, § 697.05, Fla.Stat. (1987),1 govern the mortgage un*1244der consideration. We hold that the mortgage before us is a balloon mortgage subject to the provisions of section 697.05, and the lender’s failure to comply with statutory requirements subjects it to statutory penalties. We reverse.

On February 11, 1986, Gonzalo Lage, mortgagor, executed and delivered to Pan American Bank n/k/a NCNB National Bank of Florida [NCNB], mortgagee, a…