Legal Question in Real Estate Law in Florida

Re: 2nd morgage default

Please feel free to contact me to discuss how to resolve your case. The bottom line is a second mortgage holder must file a foreclosure to try and recover if property owner is not paying. Foreclosure is a simple process and can be accomplished in about three months. Once the court grants foreclosure, the mortgage holder is given a public sale date. Let's say your mortgage is for $25k. By the time you add in attorney's fees and other costs, the court will find that the homeowner owes you say, $27k. At auction, you bid $27k. If you are high bidder, you get title to the house, subject to the balance on the first mortgage. If someone else bids, you could get cash proceeds. You need an experienced attorney to assist you, but you can likely collect!

Re: 2nd morgage default

Unless your prepared to pay off the 1st mortgage, very little.