I'm surprised the HOA took 1st position behind the mortgage lender! Most, if not all, liens sit behind mortgagers. The whatever is left they get.
The county should have the latest records. If you found out there are no other lenders on the title, then your clear. If so, contact them and tell them you own the property. Before you contact the lender, know what you're going to say. Know your numbers about your house and the neighborhood, comps, etc. Be prepared to ask them all about the mortgage. Who knows? There may be some equity. Don't hold your breath.
If you can afford it, take over the mortgage, rent it out, and get that place working for you to pay off that PITI. Hopefully, you'll squeeze out some cashflow.
If there is no mortgage, and no other liens, you made a killing.
No, there is no chance the HOA overrides the mortgages. Dismissing (not dissolving) the LP simply means the lender must refile for foreclosure. Please, order a title search from a title co. So you know exactly how many mortgages and liens are on the property. Your only play is to rent the property out until the bank forecloses.
You can have a PI skip trace the previous owners and if you can locate them, see if they will let you submit a short payoff request to the mortgage services.
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you