1499 Van Eck Rd NE, Palm Bay, FL — Mortgage Delinquency and Existing-Financing Sale

Closed March 29, 2023.

The sellers’ situation

The husband was sick, and the sellers were approximately five to six months behind on their mortgage. Their FHA loan also had a deferred balance associated with earlier loss mitigation or a partial claim. An approximately $14,000 judgment added to the obligations against the property. Together, those amounts were approaching the home’s retail value.

Property condition

The house was dated. The seller-provided photos below show the original condition. Later professional exterior and kitchen photographs are identified separately.

How the transaction was structured

The property was acquired with the existing mortgage remaining in place. The buyer agreed to continue making the mortgage payments, and the sellers received some cash for relocation and a restart. The sellers remained through March 31, 2023, under the agreed arrangement. The property was retained in the buyer’s rental portfolio.

What this example shows

A property’s value and its obligations both matter when considering a sale. This transaction used existing financing rather than a conventional purchase that paid off every loan at closing. The account does not establish that the sellers were released from the FHA loan. Buying subject-to an existing mortgage does not itself cure delinquency or stop foreclosure, and no payoff date is promised here.

Result

The sale closed March 29, 2023. The sellers received relocation cash and stayed through March 31. The buyer continued the existing mortgage payments and retained the property in the rental portfolio.

Explore your sale options

Read about selling a house with limited equity and Florida foreclosure options. Each property and transaction must be reviewed individually.