In the state of Florida, reforeclosure actions are often a necessity after the sale of a foreclosed property. Reforeclosure actions are initiated by the purchaser of a foreclosed property and deal with junior liens on the property that were omitted during the initial mortgage foreclosure. While not typically a welcome step in the purchase of a foreclosed property, reforeclosure actions are often required to clear up the title of the property and give the purchaser indisputable ownership.
In many cases, the holders of junior liens are added or joined to the case when the first foreclosure goes to court in order to terminate their interest in the property and eliminate the need for a reforeclosure action after the property is sold. This, obviously, simplifies the process for the purchaser. Unfortunately, because junior lien holders are often omitted, the purchaser must take special care to ensure that the interests of any junior lienors are terminated.
Purchasing a property can be a complex process to begin with, and purchasing a foreclosure–though it may offer the buyer a better deal–can be even more complicated. When you add several omitted junior lien holders into the mix, it is easy to see how the counsel and guidance of an experienced real estate attorney can be indispensable!
Chluski Law has been helping clients in South Florida deal with every aspect of real estate law since 2004. We understand the substantial investment a piece of property represents to our clients, and we make sure we give them the soundest, most comprehensive guidance possible. When reforeclosure actions are necessary, we’ll give you the expert advice and representation you need to succeed. Please give us a call at (561) 931-0439 to see what we can do for you.