Help! HOA foreclosure
4 Replies
Natalie Shaw
from Linville Falls, North Carolina
posted about 3 years ago
Hello. Won HOA, was a mortage on property bank took back. Had about 7700 invest in capert, paint, labor etc. How can I get this back? Can you take bank to court? Wasnt able to get any of my property out to the condo.
Thank you
Hal Thompson
from Las Vegas, Nevada
replied about 3 years ago
There are no super liens for HOAs in North Carolina. Why would you invest $7700 into improving a property that had a junior position to a mortgage that you didn't intend to satisfy? Unfortunately, this is one of those caveat emptor situations...
Wayne Brooks
Real Estate Professional from West Palm Beach, Florida
replied about 3 years ago
No. The bank owes you nothing, they foreclosed as should have been expected.....apparently you were unaware of the position you put yourself in by buying at the HOA foreclosure with an underlying mtg. I see this happen often.
You should be able get personal property/furniture out unless the bank went the proper eviction/ejectment process.
Janar Tsaro
replied 4 months ago
I’ve been reading a lot about this. I have one question:
If I win HOA foreclosure auction. I know there is 1st mortgage on the property but property has good equity. I have cash. Can I just pay off the mortgage and any liens on it to prevent bank foreclosure?
Wayne Brooks
Real Estate Professional from West Palm Beach, Florida
replied 4 months ago
Originally posted by @Janar Tsaro :@Wayne Brooks
I’ve been reading a lot about this. I have one question:
If I win HOA foreclosure auction. I know there is 1st mortgage on the property but property has good equity. I have cash. Can I just pay off the mortgage and any liens on it to prevent bank foreclosure?
Yep.