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A home in neighbor hood forclosed upon. Judge ordered sale in July of first mortgage, $30,000. Second mortgage, judge ordered sale in August, 83,000. What happens if first mortgage bought for $29,000 at county courthouse. Will second mortgage auction occur?
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Florida Law says that the auction at the courthouse cannot take place unless the lender's representative of the mortgage being foreclosed is present.So now the case is called and the holder bids $100. You say some other amount. The lender's representative then says the entire amount the judge had authorized.In the scenario you brought up the number appear backwards from what usually aappears. The second mortgage is usually smaller than the first. Foreclosure of a second does not remove the first. What you probably are confusing the second gets foeclosed first, then the second. in August.The only way to know which is which is to read carefully both mortgage documents available at the county clerks office.
Envoy Mortgage, Ltd.
NMLS# 947738 / AZ# 0921717
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For Sale: $84,900
For Sale: $61,250
For Sale: $454,900