Legal Question in Real Estate Law in Florida
ND Mortgage Holder Rights after ST Mortgage has started Foreclosure
We hold a 2nd mortgage on a Florida property. The owner has not paid either the 1st or 2nd mortgage payments for about 5 months. The 1st mortgage holder has served us with a foreclosure notice this month. My husband is under the impression we can not do anything and have lost all of our money. What can we do? Can we still file a Judgment against the homeowner even though we did not foreclose? My husband thinks we would have had to foreclose first before the 1st mortgage holder and then filed a Judgment next. Are there other alternatives or have we no recourse but to let it go?
2 Answers from Attorneys
Re: ND Mortgage Holder Rights after ST Mortgage has started Foreclosure
Yes, you have rights. Will the fair market value of the property cover both mortgages? Do you still want to enter a judgment against the debtor?
Does he have other assets? Speak with counsel. Good luck.
Re: ND Mortgage Holder Rights after ST Mortgage has started Foreclosure
It is usually not practical to persue the
people who don't have any money.However,you have some creative remedies. If you want discuss this call me at my office or send me an e-mail as to how i can reach you.
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