Florida Tax Deed Legalities
Once a property is bought at the florida county tax deed sale, do all the mortgages go away? I am interested in buying a property and need to know if the current mortgages/liens that are on the property will still be attached to the property. If so what would be my position as the new land owner? Would the first position now be a second? Or would I be essentially a secondary lien holder? Any help would be greatly appreciated.
Thanks,
Kyle
In Lee County, FL, once a property comes to tax sale and you bid on it and win, the person who held the mortgage is out of luck. They had their chance to pay the taxes and foreclose if they wanted to protect their interest.
From what i've been able to find on them (i'm trying to buy my first tax property this week, so i've been researching alot), as the new property owner you are responsble for any liens on the property. You can check for them at your county courthouse. I dont know for sure if all liens stay or not, but i've heard that the only ones that stay with the property are ones that are put on the property by government agencies (lot mowing, demolition of an unsafe building, etc). From what i've found of these so far dealing with the liens on the property i'm looking at, these people are very willing to take small payments over time, since they're getting nothing now. Havent been able to negotiate the liens down any, though.
Good luck!