Partition Sale At A Courthouse In Florida.
A Divorced Man and Woman had a disagreement in how to split the equity of thier Residence after the divorce.
The man owes the IRS about 50K in a Tax Lien which is about what the equity is in the house after subtracting the 1st and 2nd Mortgage.
A Partition Sale was executed at the Courthouse with the winning bidder at 79K.
No one was there representing the Banks for the 1st
Mortgage or the 2nd Mortgage. It was the Ex Husband
and the Ex wife and their attorneys and private parties bidding.
The attorney and his client (Ex Husband) seemed to have big smirks
on their faces. At one moment the bidding was over
(around 60K) as the bidder didn't respond quick enough to
the 1st 2nd 3rd deal. The husbands attorney insisted that his
bid be counted even though it was late. Then the
frenzy took it up to the 79K.
My guess is the guy was bidding on the equity "Only"
as it was a Partition Sale and is going to have to pay
the 1st and 2nd Mortgages as well.
40K was the approx balance of the 1st Mortgage and
10K the approx balance of the 2nd Mortgage.
The value of the house is approx 110K.
Did the winning bidder get a 110K house for 79K.
Or 110K house for 79K+40K+10K= 129K
What do you think??
David
Comments(0)