Legal Question in Real Estate Law in Florida

If you have a first and second mtg and the home sells for only enough to cover the first mtg. what recourse does the 2nd mtg holder have against the seller?


Asked on 7/11/10, 2:59 am

1 Answer from Attorneys
Richard Kaplan

Unless something has been worked out with the 2nd mortgage holder, you won't be able to close. If you somehow do, the 2nd mortgage holder, if the mortgage is not assumable or it goes into default, can foreclosure. They will join both the buyer and the seller, but the seller can have a judgement placed against them for money damages.

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Answered on 7/11/10, 7:03 am


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