Association Lien And Foreclosure Florida
if the homeowner association forecloses on a home , what happens to the first lien holder the bank? Who pays the mortgage off? This is in Florida where association can foreclose due to unpaid assocaition dues. thanks :-?
thanks, but if you are bidding on the property with a homeowners lien how do you pay off the mortgage? If the person is still in the condo, how do you get him out? I heard that you have to settle with him on the price of the condo.
thanks
I think your first step would be to research your own states foreclosure laws.
Your next step would be to research the title of the subject property.
Moreover, you need to study up on investing in foreclosures!
Getting a person out of a foreclosed property can be easy or complicated depending on your state laws. The easy way would be a direct purchase with the property owner or you could offer a financial reward for moving the hard way to go is through a legal action by eviction and or trespass action.
You said I heard that you have to settle with him on the price of the condo. Ok so what facts back this up, you as an investor must research this out to determine if fact or fiction!
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If the HOA is foreclosing - the first lien holder stays in place until paid. The high bidder is the one who normally pays the first mortgage holder, in some cases the HOA pays the 1st lien holder in an effort to take full control of the property.
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