In a mortgage foreclosure auction, who pays off the non-bank claims?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
In a mortgage foreclosure auction, who pays off the non-bank claims?
The bank is listed as the plaintiff and the other claimants are listed as defendants on the final judgement of mortgage foreclosure document.
Asked on March 23, 2012 under Real Estate Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
That is so because the bank holds priority as a creditor here so the bank is making sure that all other creditors are involved so that there rights are litigated at the same time and expunged if the matter goes that way. In a sale the bank will be paid first and then any other creditors will be paid depending on their priority here. In the end you will be responsible if there is not enough money to pay everyone off. Please seek legal help here as soon as you can. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.