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Updated over 9 years ago,
Buying a second Mortgage in Florida
I'm new to the Florida Market so to start I am guessing that laws go by state and not by County. I am planning on buying a second Mortgage at auction so that I can the acquire the first mortgage pre-auction. My understanding is that I can buy it at auction and then have the right to buy the first pre-foreclosure and take possession of the property. The original owner is deceased but there is someone assigned to their estate. Will they be able to bring the first current and stop it from Foreclosure? The first mortgage has not received a judgement but I am also concerned that if it does so in the next few days I wont have the chance to purchase it pre-forclosure. Thought everyone?
I've already had a title search done by a title company so I am not concerned about other lien holders. The value is there and the first mortgage is low so I am also in a good spot there. I'm strictly concerned with legal stuff and actual timeline of acquisition.