Foreclosure Auction
I was looking at a foreclosure auction - where the HOA is foreclosing on a property due to non-payment for association fees (approx $10K). It appears that the Bank (1st) has not started the foreclosure process yet, and wanted to know if I win the bid what right does this give me as I would own the 2nd? Apparently, the owner is no longer in the property - the property is empty. Can I rent the property out until foreclosure happens? How do I go about getting my initial investment back?
Thank you in advance!