In a mortgage foreclosure auction, who pays off the non-bank claims?

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In a mortgage foreclosure auction, who pays off the non-bank claims?

The bank is listed as the plaintiff and the other claimants are listed as defendants on the final judgement of mortgage foreclosure document.

Asked on March 23, 2012 under Real Estate Law, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

That is so because the bank holds priority as a creditor here so the bank is making sure that all other creditors are involved so that there rights are litigated at the same time and expunged if the matter goes that way.  In a sale the bank will be paid first and then any other creditors will be paid depending on their priority here.  In the end you will be responsible if there is not enough money to pay everyone off.  Please seek legal help here as soon as you can.  Good luck. 


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