Legal Question in Real Estate Law in Florida

Holding a second morgtage

I sold a home two years ago and because the buyers could not borrow the entire amount from their lender. I carried a second mortgage for them.It is recorded. They are now moving and plan to sell the house. If it doesn't sell I'm sure they'll default. Do I have the same legal claim/lien on the property that the primary lender does and if they (the lender) foreclose must they satisfy my claim before they can dispose of the property?


Asked on 2/05/03, 12:54 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: Holding a second morgtage

No. They can foreclose and sell for whatever they want and wipe out your mortgage. Suggest you go to the sale to make sure the bidding covers your lien.

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Answered on 2/05/03, 7:53 pm


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