New tax deed investor in CA, investing in FL w/questions re: MTG

[Tanya Allen]

Hello,

I am a newbie who is investing in tax deed sales in Florida.  I am learning that lots of the properties going up for auction have a mortgage on the property.  If I am the successful bidder on a property do I take on the mortgage?  Also, one of the properties that I a interested in purchasing has a mortgage with Household Finance Corporation, who has since went out of business and HSBC has taken over the loan.  Would I be responsible for that loan should I be the successful bidder on that property??  Please help. this is all new to me and I don't want to end up stuck in a horrible situation.  Thanks!

[John Thedford]

No worries. If you buy at a tax DEED auction, you can extinguish mortgages. You may NOT extinguish government liens with the possible exception of an IRS lien. Don't confuse tax DEEDS with tax certificates. Two different animals:)