Saint Petersburg, FL asked in Real Estate Law for Florida

Q: What happens if a mortgage owner tries to sell a home, but has not paid off the mortgage to the original owner?

I am the original owner and would like to know if I need to take any actions.

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1 Lawyer Answer
Terrence H Thorgaard
Terrence H Thorgaard
Answered
  • Freeeport, FL
  • Licensed in Florida

A: The potential buyer would acquire the property subject to your mortgage; thus it would not normally be a smart move on that person's part because their interest could be "under water" (meaning that they would owe on their second mortgage but without any equity). And, of your mortgage has a "due on sale" clause, you could, but would not have to, foreclose if the property is sold without your permission. But no, you wouldn't have to take any action, assuming that there is no default in the loan payments.

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