C
CMAH101753
Guest
State of Florida. My home is in foreclosure. The "Les Pendens" notice has been filed. There are three mortgages on my property which has a market value of approximately $330,000.
The 1st mtg balance is $214,000.
The 2nd mtg balance is $40,000.
The 3rd mtg balance is $40,000.
1. It is my understanding that the junior lien holders (2nd, 3rd mtgs) will likely not bid on the home at the foreclosure auction and will be "foreclosed out". I am told that because of their relatively small balances as compared to the $214,000 first mtg, they likely would not want to bid on the property. Is this correct?
2. It is my understanding that it would be to the 1st mtg holder's benefit for me to simply "deed-in-lieu of foreclosure" over to them the deed to the property and vacate immediately rather than make this a protracted event for the 1st lien holder. Is this correct?
3. If I "deed-in-lieu of foreclosure" my property, will the junior lien holders (2nd & 3rd mtgors) be foreclosed out if they do not bid at auction? Is there even a foreclosure auction held when a property is deeded over to the 1st mtgor, as in this case? Or are the 2nd & 3rd mtgors just given an opportunity to purchase the home directly from the 1st mtgor?
4. I am considering implementing this "deed-in-lieu" process, if the 1st mtgor will agree to allow my neighbor to purchase the property from them for the balance (with arrearages owed included) owed, provided the 2nd & 3rd mtgors elect not to excerise their option to purchase the home. Is this plausible?
Thank you for your help!
Regards,
CMM
The 1st mtg balance is $214,000.
The 2nd mtg balance is $40,000.
The 3rd mtg balance is $40,000.
1. It is my understanding that the junior lien holders (2nd, 3rd mtgs) will likely not bid on the home at the foreclosure auction and will be "foreclosed out". I am told that because of their relatively small balances as compared to the $214,000 first mtg, they likely would not want to bid on the property. Is this correct?
2. It is my understanding that it would be to the 1st mtg holder's benefit for me to simply "deed-in-lieu of foreclosure" over to them the deed to the property and vacate immediately rather than make this a protracted event for the 1st lien holder. Is this correct?
3. If I "deed-in-lieu of foreclosure" my property, will the junior lien holders (2nd & 3rd mtgors) be foreclosed out if they do not bid at auction? Is there even a foreclosure auction held when a property is deeded over to the 1st mtgor, as in this case? Or are the 2nd & 3rd mtgors just given an opportunity to purchase the home directly from the 1st mtgor?
4. I am considering implementing this "deed-in-lieu" process, if the 1st mtgor will agree to allow my neighbor to purchase the property from them for the balance (with arrearages owed included) owed, provided the 2nd & 3rd mtgors elect not to excerise their option to purchase the home. Is this plausible?
Thank you for your help!
Regards,
CMM