HOA foreclosures

[Douglas Trimmer]

I'm a real estate investor in NC. I recently purchased a property through an HOA foreclosure. There is still a bank mortgage on the property. I'm not the borrower and so the bank won't work with me on taking over the loan. As the original owners let the property go into default and foreclosure will I be given the opportunity to purchase the home before the public. I am the deed owner but I don't know what rights that gives me in regards to NC foreclosure law. Any help is appreciated.

[Jon Holdman]

You don't need to purchase the home, you already own it as a result of winning the foreclosure.  But, you need to pay off the first in full.   They have zero incentive to work with you.  You have possession and ownership of the property for now, but the first can foreclose and you will lose it.  If you can pay off the existing loans, you eliminate their ability to foreclose.

These HOA foreclosure purchases are often bad deals that result in a full loss of the money you've paid. That will happen if the balance of the outstanding mortgages and other liens exceeds the value of the property.