Legal Question in Real Estate Law in Florida
If I see a house being auctioned at
www.broward.realforeclose.com by the homeowners association. starting bid under $6000.00
if I won the bid do I owe the the mortgage lender any money due to previous debt on the property?
if there are a lien on the property, what happens after the auction?
thank you
Joseph
1 Answer from Attorneys
Foreclosures can only remove successor lien rights. They do not remove liens which are ahead of the foreclosing party (pre-existing). As such, if there is a mortgage on the property, it is unlikely it is second to a HOA. As such the purchaser of the property will still have the incumberance of the mortgage lien on the property unless it is being satisfied in some way. The original owner is liable for the mortgage that is on the property but the mortgage is still secured by the property itself.
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