Legal Question in Real Estate Law in Florida
Foreclosure notice to holder of 2nd mortgage
The lender is foreclosing on the borrower. My husband and I are listed in the defendants because we loaned the borrower money and rcvd a 2nd mortgage on this home in Jacksonville, FL. We don't expect to get any money out of this. We just don't want to be involved. Why are we defendants? what are we supposed to do?
1 Answer from Attorneys
Re: Foreclosure notice to holder of 2nd mortgage
You are defendants, because you have an ownership-type of interest in the house that will be affected by the foreclosure. Your property interest will probably be eliminated by the foreclosure, unless the first mortgage holder agreed to subrogate its interest to yours. Further, if the first mortgage holder sells the property for more than the amount of the first mortgage, then you may well have money owed to you by the first mortgage holder.
If the house is worth a lot, you should hire an attorney to deal with this. If not, you can just continue to get the court documents mailed to you as defendant and see if you get any money out of it.
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