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A home in neighbor hood forclosed upon. Judge ordered sale in July of first mortgage, $30,000. Sec

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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April 24 - Melbourne
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Answers (2)

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.

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April 24
Actually, it will not. If the first mortgage purchases the home then that's it. The 1st mortgage is in 1st position and will pay the 2nd lien holder any excess funds over if they make a claim for it. 

Thank you, 

Lisa Markham

Envoy Mortgage, Ltd.

NMLS# 947738 / AZ# 0921717

[Contact information removed by Zillow moderator. Please see our Good Neighbor Policy for information.]

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