What to do if Iwon HOA foreclosure auction but there is a mortgage on the property?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if Iwon HOA foreclosure auction but there is a mortgage on the property?
Is it true that I bought the HOA Lien to the property and that I can put a Lien for that same amount for when the Mortgage company forecloses I get my money back?
Asked on December 23, 2010 under Real Estate Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The intricacies of HOA liens are best asked to a real estate attorney in your area. Generally speaking though, liens have different priorities and are paid off accordingly. The lien that has the first priority in a real property foreclosure is generally the first mortgage. Then there are tax liens and water liens that can be associated with a property. There could be mechanics liens and then creditors liens. Your lien will fall somewhere in the list of liens. As for getting your money back, you have to remember that the property has to sell for a price that is more than the liens that come before you in order for you to get your money back. Often there is a deficiency judgement just in the first mortgage. Take your lien to an attorney in your area to figure out where you stand. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.