Southern Florida Florclosure Publications

Comments(8)

• 
  JohnMichael3rd February, 2005

  First, welcome to TCI,
  
  Try
  http://www.miami-dadeclerk.com
  http://www.anattorneyforyou.com/legal/fofl.htm

• 
  nghtspid9th August, 2005

  How are people utilizing this information from the clerk? Do you approach the attorney, broker or indivdual?

• 
  bosslady22nd June, 2005

  All of the liens will be paid in order of the posting date on title, until all of the money received at the sale is used. If no money is left after the 1st lien is paid, then no others will be paid off at the sale. Owner of the house will still owe on the remaining liens, unless they file bankruptcy, but the funds will go to all who can be paid due to the sale.

• 
  neberry25th June, 2005

  Yeah the BK simply stalls the foreclosure. If you are trying to record deed, you can go to the attorney and ask him/her to disharge the asset from bankruptcy so you can purchase. At that point, you would need an "Abandonement of asset letter".

• 
  rayosx3rd July, 2005

  amen

• 
  mskern7724th July, 2005

  Hi,
  
  I know we have kick around this topic enough, but I am still confused, and want to make things prefectly clear for myself. If there is a first and a second mortgage on the home. You bid and win the auction on the first mortgage, what happens to the second mortgage? Is the prior owner responsible for this, even if the Deed of Trust is from the same mortgage company and recorded on the same day?
  
  Thanks

• 
  InActive_Account24th July, 2005

  The second receives any surplus funds from the sale of the first, up to its actual value and is the wiped of title to the property. If the second is not a purchase money second, the prior owner may be responsible for any lost to second lienholder.
  
  
  Quote:
  On 2005-07-24 12:23, mskern77 wrote:
  Hi,
  
  I know we have kick around this topic enough, but I am still confused, and want to make things prefectly clear for myself. If there is a first and a second mortgage on the home. You bid and win the auction on the first mortgage, what happens to the second mortgage? Is the prior owner responsible for this, even if the Deed of Trust is from the same mortgage company and recorded on the same day?
  
  Thanks

• 
  edmeyer9th August, 2005

  ctdiver,
  
  Your second is a purchase money loan. In some states purchase money loans on personal residences are by statute non-recourse, meaning that the property is the only place a lender can look to for payment in case there is a default. You need to check the laws in OK.
  
  If the first foreclosed, the second being a junior lien is no longer attached to the property, regardless of whether or not the second is purchase money.