Legal Question in Real Estate Law in Florida
I just paid $9000 on an online auction for an association forclosed condo. I noticed that the taxes are up-to-date, nor is being forclosed on by the bank, but it does have a $140000 mortgage. I didn't come to find out this info until after I paid the county clerks office. I need to know what should be my next course of action. Please help
2 Answers from Attorneys
What county is this in? Did you receive the deed yet?
Generally, if you purchase a property, you purchase it subject to any existing mortgages.
You technically don't become responsible for paying the mortgage (because you were not the person who took out the mortgage and agreed to pay it). The previous owner is still the one responsible for paying the mortgage. However, he is clearly not going to pay the mortgage, since he no longer owns the property. If the mortgage is not paid, then the bank is going to foreclose on the condo eventually.
In the meantime, you could live in the condo or rent it.
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