If I buy a home at auction that is being foreclosed by the HOA, am I still responsible for the first mortgage lien even though it’s not in my name?

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If I buy a home at auction that is being foreclosed by the HOA, am I still responsible for the first mortgage lien even though it’s not in my name?

If they initiate foreclosure, can I be named in the suit as the new owner? Also, if the bank starts foreclosure will they except my payment if I wanted to pay off lien in full?

Asked on February 2, 2019 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You will not be personally responsible, in the sense that you cannot be personally sued for the money, but the mortgage must be paid off or else the lender can foreclose--they are entitled to their money or the house.
The are not required to take payment from someone other than the mortgagor, but likely will--lenders typically want the money, not the property. You would need to work this out with them and should discuss it with the lender before buying the home.


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