FL BAR - PROPERTY > Foreclosure > Flashcards

Foreclosure Flashcards

(3 cards)

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1
Q

Foreclosure

A

Occurs when a buyer defaults on their mortgage.

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2
Q

Priority

A
  1. Purchase money mortgage
  2. First in time, first in right
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3
Q

Lien theory

A

Florida is a lien theory state, thus the bank only has a lien on the property, not tittle. The lien will be removed when the mortgage is paid off.

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FL BAR - PROPERTY
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