the foreclosure file made no reference as to the nature of the 5 year payments to the County. If not back property taxes, then what would they be?
If I am familiar with banking law, and I think I am, the mortgage holder, unless a private lender and not a bank or savings and loan, will be required to foreclose. They really will not have much option.
And of course, that will wipe out the interest of the 3 individuals holding the second mortgage. Unless they step in and pay off the first.
So, in the not too forseebale future, it is possible the parcel of overpriced and toxic real estate will be on the market for sale as an REO.
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