Legal Question in Real Estate Law in Florida

Re: foreclosure bidding.

If you are the foreclosure judgment creditor, then you get a credit for the full amount of your judgment at the foreclosure sale, and if someone outbids you, then you get your money as a result of the sale, and any proceeds in addition to your judgment amount are suppose to be directed to the judgment debotr or other creditors of the judgment debtor if they make proper application to the court for such excess funds. If, however, you outbid another bider, then you may have to pay the difference between the amount of your judgment and your higher bid. By way of example, if you have a $100,000 judgment, and you end up with the winning bid at $110,000, you will have to cut a check for $10,000 at the foreclosure sale since you are entitled to a credit for your $100,000 judgment. If someone else offers $110,000, they will have to cut a check for $110,000 since they do not get any credit for your judgment amount.

Based on your question, it appears there is some confusion. Speak to your lawyer who should be very familiar with the facts and the process.

Re: foreclosure bidding.

Peter is correct that as the creditor all you are entitled to get is what you are owed. Unless FL law states otherwise, any excess funds go to the debtor.