QUESTION
If foreclosure is being brought about from condo association, is high bidder required to pay off remaining mortgage that day
Asked on Jun 13th, 2017 on Foreclosures - Florida
More details to this question:
If I am high bidder on a foreclosure that the plaintiff is a condo association, I want to know if I am required to pay bank loan that day or just plaintiff's bills plus taxes due.
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
You take the property subject to the mortage lien, assuming your bid was just on the COA dues owed but did not address the mortgage lien - so unless you pay it off, in full and obtain a satisfaction of mortgage, typically the lender will then foreclose on your interests and sell the property yet again. You should have known the answer to this question BEFORE you decided to play real estate mogul and buy properties at auction. This is a receipe for many people to lose thier investments. You need to contact the lender and work out some deal on the pending mortage lien ASAP.
Answered on Jun 14th, 2017 at 5:52 AM
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