Legal Question in Bankruptcy in Florida
i hold a second mortgage on a commercial building. the first lien holder is foreclosing on this property
can i recoupe anything
Asked on 12/07/09, 9:07 pm
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
It depends. You are second in line. if the first mortgage is $10 and the second mortgage is $5 and the house sells at foreclosure for $9 then you get nothing. If it sells for $20, you get $5. You always have the right to sue the person that borrowed the money from you.
Answered on 12/12/09, 7:16 pm
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