Second auction of property in 3 months...

[Keith Barnum]

I am not an investor, well, not an investor of real estate property. My question is along the foreclosure line and seeking the right answers and/or information. So, I inherited my father's assets when he passed in March 2023. First, JP Morgan & Chase hit me with a foreclosure lawsuit and named almost anyone in this suit, State of Florida, construction company, the elections. So, the condo LLC had gotten the suit against them dropped and turn around and filed another suit against me. JPM&C is owed $71k (mortgage and interests) and the condo LLC is owed $15k. The condo LLC suit was first to auction which took place the day after my birthday in July. The surplus was $63k, that check is on it way to me now. JPM&C final judgemental was the end of August and the property has another auction set on October 16th, 4 days from now. What are the scenarios that can happen with this second auction? I have a little, tiny bit of understanding in that there could be another surplus fund involved. I actually just want the banks to get their $71k so that when I start probate on the bank accounts no one at all can claim any of the monies from the few bank accounts. From what I know that after 2 years has passed since his death no company or no one can claim money owed to them except a mortgage and monies owed to the mortgage lenders. So, what can come about from the auction on the 16th? I mean from JPM&C side, the buyer/winning bid in the first auction? Am I in anyway liable to the first buyer? I was never liable in any of these suits, I was never and will never come out of pocket and can only put into my pocket if not $0 into my pocket. What are the few possible outcomes that can play out this coming Wednesday? If anyone has any insight I appreciate it, and as I said I am not a real estate investor and can understand if no one responds. Thank you, truly.

[Jay Hinrichs]

Quote from @Chad U.:

Quote from @Keith Barnum:

I am not an investor, well, not an investor of real estate property. My question is along the foreclosure line and seeking the right answers and/or information. So, I inherited my father's assets when he passed in March 2023. First, JP Morgan & Chase hit me with a foreclosure lawsuit and named almost anyone in this suit, State of Florida, construction company, the elections. So, the condo LLC had gotten the suit against them dropped and turn around and filed another suit against me. JPM&C is owed $71k (mortgage and interests) and the condo LLC is owed $15k. The condo LLC suit was first to auction which took place the day after my birthday in July. The surplus was $63k, that check is on it way to me now. JPM&C final judgemental was the end of August and the property has another auction set on October 16th, 4 days from now. What are the scenarios that can happen with this second auction? I have a little, tiny bit of understanding in that there could be another surplus fund involved. I actually just want the banks to get their $71k so that when I start probate on the bank accounts no one at all can claim any of the monies from the few bank accounts. From what I know that after 2 years has passed since his death no company or no one can claim money owed to them except a mortgage and monies owed to the mortgage lenders. So, what can come about from the auction on the 16th? I mean from JPM&C side, the buyer/winning bid in the first auction? Am I in anyway liable to the first buyer? I was never liable in any of these suits, I was never and will never come out of pocket and can only put into my pocket if not $0 into my pocket. What are the few possible outcomes that can play out this coming Wednesday? If anyone has any insight I appreciate it, and as I said I am not a real estate investor and can understand if no one responds. Thank you, truly.

Sounds like someone way overpaid at the HOA foreclosure auction, hence the surplus funds.  The 1st lienholder, being JPM by the sounds of it, is within their right to foreclose and will knock the HOA buyer off title.  If there is equity in the property then there could potentially be another surplus which you are entitled to as well.  But regardless of whether the bid at auction is less then JPMs judgment, they cannot collect anything further given your father is deceased.  It's what's called an IN REM foreclosure, so the estate would not be on the hook for anything else. 

Chad wouldn't the Surplus go to JPM as next in line on title .. Or since the second HOA forclosed I think I answered my own question the buyer just takes title sub too the JPM lien and this fellow OP  he just keeps the 60k and goes on his way and thats end of story.