Chapter 15-6 Right of Redemption as to Junior Mortgagees

15-6 Right of Redemption as to Junior Mortgagees

The right of redemption for a junior mortgagee applies to the rights of the senior mortgagees and not the underlying property.²⁹ The junior mortgagee has the right to redeem from the senior mortgage by satisfying a prior mortgage by payment of the debt it secures and thereby becoming equitably subrogated to all rights of the prior mortgagee.³⁰ The junior mortgagee of only a part of the mortgaged premises cannot compel a redemption pro tanto, for the reason that the first mortgagee has not agreed to separate his debt and security into parts; instead, the first mortgagee is entitled to payment of the entire first mortgage.³¹ The junior mortgagee of only a part of the mortgaged premises must pay the entire mortgage debt in order to redeem the premises in which he is interested, and when there are no intervening rights, the junior mortgagee becomes equitably subrogated to the original rights of the first mortgagee.³² The holder of a junior mortgage does not have the right to redeem where the debt underlying the junior mortgage has been fully satisfied.³³

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Notes:

^[29] Shipp Corp. v. Charpilloz, 414 So. 2d 1122, 1123 (Fla. 2d DCA 1982). Accord Glendale Federal Savings and Loan Ass'n v. Guadagnino, 434 So. 2d 54 (Fla. 4th DCA 1983).

^[30] Quinn Plumbing Co. v. New Miami Shores Corp., 100 Fla. 413 (1930).

^[31] Bankers Lending Company, LLC v. Jacobson, 253 So. 3d 1174 (Fla. 5th DCA 2018).

^[32] Bankers Lending Company, LLC v. Jacobson, 253 So. 3d 1174, 1177 (Fla. 5th DCA 2018).

^[33] Marina Funding Group, Inc. v. Peninsula Property Holdings, Inc., 950 So. 2d 428 (Fla. 4th DCA 2007).