I Bought an Apartment in an Auction in Broward county FL.
Three month later the mortgage foreclosing is being assigned and the second is satisfied.
Is it normal ?
This does not sound anything but normal, how can the 1st be assigned if it was foreclosed? It should have been satisfied with the judgement payout, and the 2nd should have been extinguished, not satisfied. Are you sure you bid on the 1st and not the 2nd, or an HOA lien?
@Chad Urbshott - you're assuming that the senior lien position was being auctioned ...
The note may have been sold and that leads to the assignment of mortgage. The notes that have been sold prior to the auction, and the assignment recording was not completed timely, so it lagged the foreclosure.
Some banks always do an assignment of the judgment to one of their holding companies. So that the REO is owned by the holding company rather than the bank.
Clerk of Court recordings here aren't that far behind. Mortgages generally get a recorded "satisfaction" after a foreclosure, whether 1st or 2nd's....they just become irrelevant as an "operation of law". I'm with Chad that this is quite odd here.
@Yechiel Abekassis If you send me the address, and case no. if you have it handy, I'll tell you what I think.
Updated over 2 years ago
Meant to say "mortgages Don't typically get a recorded satisfaction after a foreclosure"...
@Chad Urbshott ,For sure not the HOA. On my Certificate of Disbursements the money went to the foreclosed and this is the one with the assignment. and the one that said satisfied is the bank that i see as the second "upon that certain property situated in said state and County Herby acknowledges full payment and satisfaction of said mortgage, and surrenders the same as canceled ,and herby directs the clerk of the Circuit Court to cancel the same of record .maybe just to take it of record ?
@Steve Babiak ,u.s bank national association, As trustee for prof-2013-m4 remic v trust,
is the plaintiff .the Disbursement went to them and the assignment is to usrof iv Legal Title trust 2015-1, by us bank national association,as legal title trustee.
@Steve Babiak I'm not sure why the @ not working
@Wayne Brooks - case info you requested was posted a bit earlier.
@Steve Babiak Yechiel PM'd me the info. All looks legit. @Chad Urbshott The assignment of the foreclosed mortgage actually occurred during the foreclosure, prior to the Final Judgment, which is typical. The second mortgage did indeed have a satisfaction recorded months after the auction. Odd, but not important. No recorded COA liens, but have to assume there are some outstanding fees.
Originally posted by @Wayne Brooks :
The assignment of the foreclosed mortgage actually occurred during the foreclosure, prior to the Final Judgment, which is typical. ...
Agreed. Due to a number of things. One I posted above is where the lender uses a holding company to take title for the REO. Another is when it was a MERS "assignment" that is now being recorded in public so that the actual holder of the mortgage and note gets to recover the collateral or proceeds. And sometimes you see assignments to Kondaur and the like who bought it while it was NPN.
thanks for the info @Wayne Brooks and @Steve Babiak . You guys truly are the whizzes with this stuff. I just find it strange they would still carry out the assignment even though the foreclosure has occurred. Then again, I've heard of people getting stung buying NPN's that had already been foreclosed upon since the assignment made it appear was still valid.
@Chad Urbshott To be clear, the Assignment on the foreclosed mtg was done During the foreclosure, prior to a FJ, not after the auction. Typical.
interesting - where do you look to find all this out?
I am looking at a property whose owner is listed as :
PROF 2013 M4 Legal Trust , Trustee
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