Hi everyone - I was hoping to get some advice and a recommendation of a good RE attorney.
So here is my situation - an HOA foreclosed on a house and I was the winning bidder at the sheriff sale. So I paid 27,000 in HOA dues and I have the sheriff's deed to the property. I took possession of the property.
However, there is a mortgage from 2002 and a junior mortgage. I was able to get in touch with the mortgage company. The lady refused to talk specifics [because I am not the mortgage holder] but she said that the property has 300,000 in mortgages. The original mortgage was 144,000 and I heard that the junior mortgage falls off [it was a tiny 32K]. I am willing to pay this 144,000 - although I am sure the original mortgage is less. But I don't know what these late payments/fees, etc are. No lis pendens have been filed in the history of the prior owner/this property.
Anyway, I need to engage a good RE attorney to negotiate with the bank on my behalf.
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
@Zhanna Kelley
You will need to get an attorney to let them know you are now the owner of the property and would like to get a payoff on the loan. The issue you were going to run into is the prior owner appears to have a serious delinquency. The late fees accrued interest and advances is probably significant. If the bank mentioned they owed $300,000 they will want to collect all or most of that depending on the property especially if there is value in the property.
I knew about the 144K and 32K mortgages - not sure how they ballooned to 300K. And if the prior owner was not paying - why didn't they foreclose earlier? No lis pendens is filed till this day.
I am considering just renting it till the issues are resolved - at least I can get some money back this way.