Equitable/Senior Liens in FC (Florida)
Hi Guys,
First wanted to say, I have this question with my attorney but wanted to pose the question to BP as well. Thanks!!
Looking at an asset in Florida that has a large city lien on the property and an equitable lien on the property coming soon from the receivership placed in the asset (Both senior liens). The note has some considerable equity in the property. The borrowers have abandoned the property, thus the receivership in place while its vacant.
1. If we pay off either or both liens prior to foreclosure, are those eligible lender expenses that we can add to the loan payoff? Any reason they cant be added as Lender expenses to the payoff?
2. If we don't pay them off pre-foreclosure and finish the foreclosure, if its purchased by a third party, they are responsible for those liens and we get paid our payoff amount right? Is the new buyer responsible to satisfy those liens right away before taking title?
3. If the property doesn't sell at foreclosure and we get the property back, are we expected to pay those liens off right away? Or can we take title subject to those senior liens and pay them off when the asset is sold? As this asset has equity.
Thank You!
Ian