Question regarding foreclosure in Florida?
I have a friend that bought a house, to flip, from the owner. It is owner financed. The balloon payment is overdue, as it was to be paid by now. The owner gave my friend 24 months to pay it but she was intending to pay it with proceeds from the sale. The property hasn't sold yet and may not for quite a while due to high inventory in the area.
The property taxes have also not been paid (again, she was going to pay taxes at the sale) so there is $15K due on taxes. My friend has been making the monthly mortgage payments by the first of the month, but cannot come up with the final payment until the house sells. The previous owner/financer has decided to foreclose on the property. Will my friend have to pay the property taxes or will this all be a part of the package that the owner gets back in the foreclosure? Also, other than take the house back...what else can be taken from my friend?
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