What to do if Iwon HOA foreclosure auction but there is a mortgage on the property?

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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 10 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.


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