Condo Foreclosure Auction

1 Reply

Hey Everybody!

Long time reader, first time poster. I came across an auction property for my local court house but I've never bought an auction property before. Hoping someone can help. Secondly I don't have any experience buying condos. 

It is a condo property and I found out that there is a first mortgage for 229k and second mortgage for 60k. The building is fairly new 2006 and there's only been one owner. 

First off, I am not sure if the association is foreclosing on the property or if the mortgage company is foreclosing on this property. I got a certificate of title from the county recorder and there is a snipet in there with the following dates & year associated with the filing: 

2016                       " xxx Association appoints YYY Law & Associates as their attoneys-in-fact and proceeds to foreclose document no.12033433" 

2017                        " ZZZ Mortgage appoints ABC & Associates as their attorney-in-fact and proceeds to foreclose doc 34243433"

Here's my question:  

1) How can I find out if there's a lien from the association and how much is it?  Even if I win the bid at the auction, would I now be responsible for this lien once redemption period is over?

2) There are two loans on the title for the same date and time. How can I make sure that the auction is going to be for the first mortgage and not the second? Not sure if this is a stupid question but how do I know who the law firm/attorney on the day of auction represents (not like they announce who they are and their client). 

Anything would greatly help! For what its worth the property is in Minnesota.


Whoever's foreclosing will list their original loan amount (Assuming it's not the HOA), date opened, etc.. Match that up to the title work and you'll find out if it's the junior or the senior (Again, assuming its not the HOA foreclosing). If the HOA is foreclosing, they foreclose subject to the senior lien and any liens recorded prior to the HOA's lien. If the junior is foreclosing, the HOA and the senior survive. If the senior is foreclosing, the HOA survives...meaning the lien still exists after the foreclosure. If HOA forecloses, there used to be a 6 month redemption period. Not sure if there still is or is not.

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