All Forum Posts by: Cheryl Olson

Quote from @Wayne Brooks:

@Cheryl Olson There is no satisfaction of mortgage Ever filed after a foreclosure. The mtg is terminated by “operation of law”….any title company searching the title finds this, it is not an issue at all. I bought half a dozen properties in Palm Beach county at foreclosure…never was a satisfaction of the foreclosing, or junior liens, mtg recorded.

Thats strange. We have purchased quite a few foreclosures as well and all of the lenders have always files a satisfaction of mortgage. Therefore we just thought that was standard procedure. So you are saying we should be able to go ahead and refi this property with no issues?  Thanks for your response. 

I purchased a foreclosure property in November 2023. First mortgage paid off as well as all other parties (attorneys and surplus, etc). The clerk of court has satisfied this and all monies are out of the registry. There still has not been a Satisfaction of Mortgage filed by the lender (PNC) to the clerks office. My question is, do they have a time limit that this needs to get done?  We essentially own the house but cannot sell or refinance because the bank has not released the satisfaction. We have had no luck contacting the bank because technically it’s not “our” mortgage so they cannot give me any answers.  Does anyone have any insight into how I can push to get a satisfaction filed? Or any laws on the time frame?  Google is of no help. Thanks in advance for any guidance. 
cheryl 

If a roofing company is named as part of a foreclosure judgment does that mean that if they have an outstanding balance on the roof on property that will be resolved after the sale?  not sure how that works. Can they go after surplus? The permit was never finalized and am trying to get that done. 

Just to add, the taxes last year were purchased as a tax certificate by someone. My attorney mentioned to have them try to go after the funds so we don’t have to pay taxes for last year. Does this make any difference?  In the final judgement paperwork it mentions something about tax warrants being able to get surplus funds. 

I’ll try to keep it brief. We won a foreclosure and the surplus is in excess of $30k. Last years taxes and this years’ are unpaid. Can we lay claim to these funds? The 2018 taxes were paid for via tax certificate but still unpaid as far as we are concerned when we go to sell. Can I motion for a disbursement to these funds to clear up the tax certificate holder? Should I contact them directly? Any help in this matter would be greatly appreciated. Should I create my own lien on the property I now own?

We are planning on selling it after a small rehab.

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The smaller of the two mortgages was foreclosed upon and we purchased

Wayne. The smaller of the two is the one we purchased

Also worth mentioning again. It’s the same bank

Thanks. Yes, of the 2 mortgages recorded the larger one is first. This (larger) mortgage was subsequently “modified”. In the foreclosure “complaint” (the smaller figure) is the one being foreclosed and the one we purchased at auction but they make note in the complaint that “the record interests of the owner of the subject property and all those claiming under the owner are inferior and subordinate to the interest of Plaintiff”. This motion was granted in the FJ.