Real Estate Investor 路 Saint Petersburg, FL 路 Member since 2013 路 1k+ posts 路 951 votes
9y
You can pay off the senior mortgage in full (plus the other costs and fees in the judgement) if there's any equity or lose the house. Nothing creative you can do at this point, you made a huge mistake. If the foreclosure case was further out you could rent it for a little while and try to recover some money that way but not with an impending sale.
Houston, TX 路 Member since 2017 路 1 post 路 0 votes
9y
Hello, I believe I have made the same mistake. I purchased a home with a HOA lien at the Harris County (Houston, TX) auction. Does anyone know if the bank that foreclosed will have to reimburse me for the repairs I made to the property.
Investor 路 Dallas, TX 路 Member since 2016 路 20 posts 路 1 vote
9y
I'm not a lawyer, so consult one, but I don't think there is any way the bank is going to reimburse. Is it not clearly defined at auctions whether it's hoa or first mortgage?
Vendor 路 Lake Worth, FL 路 Member since 2014 路 712 posts 路 149 votes
9y
Always do a quick title search at least before you buy anything at county auction. If you get a property for $15k at auction here in SFL and it's worth $250k, you just lost your money 99/100 times.
A $55 title check goes a long way.
Only options you have is to rent until bank kicks you out to try and recoup some investment, if it needs fixes don't put money into it, you will not get a penny back from anyone.
Las Vegas, NV 路 Member since 2014 路 284 posts 路 123 votes
9y
@Renande Emile@Kesa Wiley Can you post the address or parcel number/county of the properties you purchased? Usually, you're probably in trouble here. But sometimes there are outs (defective foreclosure auction, equity in the property above the mortgage, etc). I can at least take a look and see if there is a creative way to play this.
Regardless, I'd start renting the property immediately (assuming it's rentable), and starting bring in some income until the foreclosure. You might also be able to figure out a way to throw some wrenches in the cogs of the bank foreclosure.
@Renande Emile@Kesa Wiley Can you post the address or parcel number/county of the properties you purchased? Usually, you're probably in trouble here. But sometimes there are outs (defective foreclosure auction, equity in the property above the mortgage, etc). I can at least take a look and see if there is a creative way to play this.
Regardless, I'd start renting the property immediately (assuming it's rentable), and starting bring in some income until the foreclosure. You might also be able to figure out a way to throw some wrenches in the cogs of the bank foreclosure.
I just made the same mistake! The clerk told me to bring a written letter since title had not been issued yet and it has paused everything. I have a court hearing this Thursday may 24th. If judge denys, my question is if the previous owner does not claim the surplus money can it go to the 1st morgage so that when I do try and negotiate it will already include the winning bid amount?
New Tampa, FL 路 Member since 2017 路 14 posts 路 1 vote
2y
In our case we lost it.
The bank did not care to respond us. They went with their standard process to auction it off again thru the county. Someone bid the home above market price and over bid us, as the real estate was in boom.