Updated over 14 years ago on . Most recent reply
HOA Foreclosure
Hi,
My friend has a question regarding HOA Foreclosure:
Couple of weeks back she attended an auction and got a condo for very less price.
At the time, she did not know that, it is a foreclosure by HOA.
Later when she found that it is HOA who did the foreclosure, she contacted them and got to know that they will send a notice to current owner for redemption.
They also mentioned that, if current owner pays the debts in 90 days, current owner can keep ownership.
Here are his questions,
1. In case if the current owner pays the amount in 90 days, will my friend get back her money she paid during auction ?
2. In case if current owner does not pay the amount in 90 days, will my friend be liable for
a. Mortgage that current owner has.
b. Pending property Tax
c. Any other cost.
3. If the point 2 has answers YES, and if cost becomes more than a sale price of condo, is there any option for my friend to cancel the deal ?
If it is possible to cancel the deal, are there any consequences like losing money paid during auction, impact to credit history etc ?
Appreciate your help.