Legal Question in Real Estate Law in Florida

Forclosure Purchase - Resposible for second mortgages?

If I buy a forclosed property at auction, am I also responsible for second and third mortgages on the property?


Asked on 11/22/02, 4:59 pm

3 Answers from Attorneys
Peter Gonzalez Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP

Re: Forclosure Purchase - Resposible for second mortgages?

You take the property subject to any mortgages or other encumbrances that have not been satisfied. If title is transferred to you, those mortgages don't just go away. They need to be satisfied.

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Answered on 11/22/02, 5:04 pm
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Forclosure Purchase - Resposible for second mortgages?

Read the final judgment of foreclosure. If all other liens were extinguished you may take free of them, else they would need be satisfied.

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Answered on 11/22/02, 6:13 pm
Mark Lawrence

Re: Forclosure Purchase - Resposible for second mortgages?

Yes.

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Answered on 11/23/02, 7:47 am


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