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Updated about 10 years ago on . Most recent reply

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Elio L.
  • Miami, FL
42
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200
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Urgent: Buying delinquent note after final judgement

Elio L.
  • Miami, FL
Posted

I have my attorneys looking into this now, but could use some of your collective insight and advice on this one. 

I've negotiated to buy a non performing 1st private mortgage. The lender has already obtained a final judgement 8 years ago, but does not want to go through the hassle of foreclosing on the property in order to get the deed. 

What's the proper procedure here in Florida? I've heard that the final judgement somehow "wipes out" the note. Are we negotiating to purchase the note, or the "final judgement" from the lender. We don't have much time to sort this out. 

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,508
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

A FJ doesn't wipe out the note.  The actual foreclosure auction would "wipe out" the lien (mortgage).  Was this a foreclosure action judgment, or just a money judgment.  If the latter, you'd have to start the foreclosure suit.  In either case, you may have some enforceability issues, although I believe the judgment is "good" for 10 years.    I'm guessing it wasn't a foreclosure action judgment, as there wouldn't have been any "hassle" in foreclosing, as an auction date would/should have been set in the judgment.  Your attorneys need to check this out.  I assume the note had a corresponding recorded mortgage against the property?

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