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I am about to make a bid tomorrow morning for a house with the local Florida county court.
The first mortgage lender on the house is the plantiff on the foreclosure proceeding. The lender has been awarded a judgement in the amount of US117K.
I did a title search and found HOA outstanding amount of US$300. There are real estate taxes for the past two years that are also due.
There is also an open-ended mortgage (line of credit) in the amount of US$130k.
The first mortgage lender is forcloseing. I am assuming that the second mortgage will be wiped out as well. HOA and taxes will probably remain.
If I win the house during the county auction, for say, 20K, what happens to the first mortgage? Are they awarded the 20K, and the mortgage is subsequently released? Or do i assume the mortgage?