Lien Foreclosure Q's
Anybody familiar with lien foreclosures? I I want to bid on a condominium unit that's being foreclosed on by the condo association for delinquent fees/assessments. My question is, what happens with the mortgage? Do you have to pay it off after you successfully bid on the property, or do you simply assume the loan and continue to make the payments? Also, are any junior mortgages wiped off at the auction in a lien foreclosure?
Have you got the answers to your questions? if so, please post here. thanks!
No, I never did. Thanks for all the feedback guys.,
No, I never did. Thanks for all the feedback guys.,
Kick back to the forum and look down at HOA association foreclosure. I just broke this down to another question the other day..
Better yet I did a search for you in my underwriting sights. go to FYI for florida foreclosure buffs out on the forum page I found what you need..
Brad
The lien foreclosure action must be filed within one year of the date the Claim of Lien was filed.
Remember, even if the owner actually knows you must still serve them with a Notice to Owner.
You should also serve the lender if one is mentioned in the Notice of Commencement.
CREATING, ATTACHING AND PERFECTING THE SECURITY INTEREST
Article 9 of the U.C.C. applies to any transaction (regardless of its form) which is intended to create a security interest in personal property, fixtures, goods, documents, chattel paper or accounts. §679.102(a), F.S. Article 9 governs regardless of how the sale or loan was structured, how the agreement was written or the labels used. Article 9 supersedes other forms and labels used for interest in property such as: pledge, assignment, collateral mortgage, collateral trust, trust deed, factors lien, equipment trust, conditional sale, trust receipt, other lien or title retention contract and lease or consignment intended as security. §679.102(2). Except, Article 9 does not apply to real estate, other liens created by statute, landlord liens, wage claims, government entities, accounts or chaetal paper as part of a sale of a business, or to a tort claim.
[ Edited by JohnMichael on Date 09/01/2004 ]