- Elmont, NY
- Votes |
A friend purchased a condo in Miami that was offered at auction for $20,000, the amount owed to the condo association in past due fees. He tells me that the lender still has a lien on the unit. He assumed that the bank had no recourse after winning the auction and going through the condo screening process. He was given the keys and has already moved in. How is this even legal? I spoke with a Broker who told me that the same thing happened to his sister and she ended up losing out on the money she invested. He consulted with a lawyer after the fact who advised him that there is a pending foreclosure being processed by the bank. I'm confused as to why the bank would allow the auction to go through. What should he be doing to secure his interest in the property? Can he file a lien with the county clerk? I'm assuming that if he does the bank would have to compensate him to clear his lien in order to take possession and transfer title free and clear. Someone, please help enlighten me.