Full question:
I have a piece of property in Florida that I refinanced in 2005, I also own the property beside it. When the appraisal was done they included a building that is on the owned property. My mortgage states only the parcel number and legal description of the refied property. If my mortgage goes in forclosure will the lender be able to take this builing that is on the property that I own?
- Category: Real Property
- Subcategory: Foreclosure
- Date:
- State: Florida
Answer:
If a lender has a lien on your property, they can typically foreclose on both the land and any buildings on it. Generally, a deed describes the land, not the buildings. If your loan was based on an appraisal that included the building and the lender has a secured interest in the property, they likely can foreclose on the land and the building if you default on payments.
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