Homeowners Association Foreclosure
There is a sale coming up on 8/14 ... the h.o. association is foreclosing on a final judgment in the amount of $3,920. The townhome is assessed at $112k, but there is more equity than that based on what these homes are selling for. The outstanding mortgage is $103k, but I believe it is current.
Isn't the h.o. association's interest junior to the mortgage holder's interest? So what will happen at the sale? Will the bidding start at the amt. of the h.o. asoc. lien? If the owner will allow it, can you negotiate to purchase the h.o. lien ahead of time, and then negotiate a short sale with the mortgage lender before the actual foreclosure sale?
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