What Are Mortgagor's Obligations After A Tax Deed Sale
If a mortgagor defaults on his mortgage and the property goes to a tax sale - here in Florida the mortgage debt falls off after the buyer gets the title.
I have not been able to find out whether or not the mortgagor can be forced by the lender to pay the rest of the mortgage if they never foreclosed or contacted the mortgagor when they defaulted.
Does anyone know?
The mortgagor will have signed a note as well as a mortgage, and of course the bank can try to levy, although in cases where the debtor is allowing properties to go to tax sale chances are there is nothing to levy on.