A Florida Court ruled today that a junior lien is not extinguished after a Judgment of Foreclosure is issued. A second mortgage holder's interest in a property is not eliminated until after a foreclosure sale and certificate of sale is issued. In AG Group Investments, LLC v. All Realty Alliance Corp. (38 Fla. L. Weekly D86), an investor paid the entire amount due to the first mortgage holder after a final judgment of foreclosure, before a foreclosure sale was conducted. The investor tried to foreclose and argued that the second mortgage holder had no interest in the property. However, Florida Statute..
The United States Supreme Court recently ruled that a Riviera Beach resident's floating home was not considered a “vessel.” Lozman's floating home was a plywood structure with empty bilge space underneath it to keep it afloat, and was anchored at a marina owned by the City of Riviera Beach. The City attempted several times to evict Lozman from the marina, and brought a lawsuit against him, seeking a lien for dockage fees and damages for trespassing. The lower courts both ruled that the home was a vessel because it had the capability of being used as a means of transportation on water despite intent to remain moored. The U.S. Supreme Court..
Investors in South Florida are quickly purchasing properties that have been foreclosed on for unpaid homeowners or condominium association liens. Many of these properties still have first and second mortgages on them, also unpaid. Banks sometimes can take years to foreclose on unpaid mortgages, allowing investors to rent out the properties in the meantime (thus making their money back) and leaving the tenants with quite a surprise when the bank eventually comes to repossess the home.
Tenants are not told by investors that the property is subject to, or will be subject to, a bank..
The average foreclosure in Florida takes more than two years to process from start to finish, according to RealtyTrac Inc. Data from CoreLogic shows that completed foreclosures are at their lowest level since 2007, signaling a peak for the foreclosure market. CoreLogic shows that 54,000 homes were lost to foreclosure in February of this year, a 7 percent decline from January's 58,000. A declining trend in foreclosure inventory was also found. Foreclosure inventory..