Please Help

[gscheilding]

What is the name of your state? I'm in the state of Florida and I would like to know what leins and judgements follow a foreclosure? I'm sorry if someone has answered this before but I am new and in need of a answer.
Thanks

 

[seniorjudge]

Generally, a foreclosed lien wipes out all liens that are junior to it.

For example, I borrow money in the year 2000 and also in the year 2001. I get a mortgage on my land for both loans. I stop paying on the 2000 mortgage (the senior mortgage) and the lender forecloses on me. I lose the land and the 2001 mortgage (the junior mortgage) is killed by the foreclosure.

 

[gscheilding]

More Help please

My state is Florida. Doea a foreclosure wipe out Federal leins, state, county, and city liens also? Also what type of deed does one get at a foreclosure?
Thanks again.

 

[seniorjudge]

My state is Florida. Doea a foreclosure wipe out Federal leins, state, county, and city liens also? Also what type of deed does one get at a foreclosure?
Thanks again.

If you mean IRS liens, they have four months to redeem the land from the sale.

You get a trustee's deed at a foreclosure sale.

The general rule is that junior liens are wiped out; I doubt that any state, county, and city liens (whatever you mean by those terms) are wiped out.

You need a real estate lawyer if you are going to start buying foreclosed property.

It's a brutal affair.