Florida Tax Lien certificate not paid after 2 year redemption period?

Question

I purchased a Florida tax lien certificate in 2005...The redemption period ended after 2 years & it hasn't been redeemed.I found out I have up to 7 years to foreclose but need to go to County Clerk pay $200 & file for foreclosure...and then it goes into a Tax deed sale. Before I do that... my question is, what is the chance of getting the property? Property has 2 mortgages...Do the banks come & outbid & win property at auction? Is there a secondary market whereby I can sell this tax lien certificate wihtout going to tax deed auction.If I was to foreclose & win at Tax deed auction will I be responsible for other debts from previous owner? What is best course of action? Thx

Answer 1

When you foreclose on the tax lien the lender will lose their security interest if they don't jump in and buy it from you.  Unless you're looking at a worthless toilet of a property that's not very likely to happen.  A tax foreclosure extinguishes any other liens on the property so you would not owe them if the lender(s) didn't step in and buy the lien from you.