If a Building Isn't Described in a Deed, Can it be Foreclosed on by a Lender?
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?
07/07/2011 |
Category: Real Property ยป Foreclosure |
State: Florida |
#25150
Answer:
If the lender has a lien on the property, they typically may foreclose on its land as well as the buildings on the land. A deed only describes the land and not the buildings in many cases. If they gave you a loan based upon the appraised value that included the building and have a secured interest in the proprety, it is likely they can foreclose on the land, including the building, in case of default in payment.
