Foreclosure Flashcards
1
Q
Foreclosure
A
Occurs when a buyer defaults on their mortgage.
2
Q
Priority
A
- Purchase money mortgage
- First in time, first in right
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.