All Forum Posts by: Asmaa Ahmed

@Asmaa Ahmed

How much money are we even talking about? What did you pay?

it was an HOA auction.. HOA auctions are always junior to the mortgage or almost always unless there is NO mortgage.. I have seen a few of those over the years.. but its rare. people just don't lose their homes very often if they are free and clear by not paying the HOA fee.

this was not probably what you are thinking about IE  sherrif sale on mortgages. 

I have no plans to play in the auction world at this point, however, I must ask...How in the world is that even temotely legal? As I interpret this, it’s “Hey, you can buy this. Just kidding, thanks for your money though.”

@Asmaa Ahmed

It’s unlikely you can do anything, the mtg foreclosure was likely filed before the hoa auction occurred.  It’s easy to check online.....if you don’t know how, I could look it up for you in a few minutes, with the address.

On the small chance you could challenge the sale, you might delay it 3-5 months, depending on the court dockets and how timely the foreclosing attorneys push it through again.

@Asmaa Ahmed If the auction was on Dec 19th, the winning bidder received a Certificate Of Sale after paying for the auction....this does not give them legal title.  Just like when you bought at the hoa auction, a Certificate Of Title is issued about 2-3 weeks after the auction.  You have the right to December’s rent, as the owner.

Unfortunately, there is no appeal to overturn the mtg foreclosure or way to buy you more time.  You are no longer the owner once the Certificate Of Title is issued and the money you paid for the property is gone.

The only possible way to delay this, I’m hesitant to even mention it, and it is a long shot: there is a 10 day period after the auction in which a challenge can be filed to the auction (not an appeal) for improper procedures only.  IF the mortgage foreclose suit was initially filed After you bought at the hoa foreclosure And if they didn’t attempt to name/serve you as an additional defendant....you may could could get the sale overturned. I’ve never actually seen anyone do this successfully. But, this would simply mean the mtg co would have to amend the foreclosure suit, naming you as an additional defendant, and finish the foreclosure again. At best, this would simply delay th sale for a few months, allowing you to collect more rent.  The result will be the same though, the house will be auctioned off again. It would likely cost you a few thousand attorney fees.

I am not an attorney so this shouldn't be taken as legal advice...

At this point it sounds like you don't own or have any legal rights to the property. Just because you placed a tenant in there months ago does not mean that that you are suddenly responsible for collecting the rent and paying the current owner that won the recent foreclosure auction. If he/she doesn't legally get title until 3/4 of the way through this month I would be keeping the money the tenant paid you at the beginning of the month and washing your hands of the situation. It is not ideal and never feels good to take a loss but at this point it is over. There is no appeal to get your money back and its also not your job to keep up with the current tenant. 

I'd stop communicating with whomever the home is being deeded to and let them deal with whatever situation is at hand going forward. If the tenant in place decides not to pay anymore that is NOT your problem. Don't let anyone talk you into giving them money for the property or go out collecting rent that they claim is due to them in the coming months. 

Best of luck,

Ryan 

@Wayne Brooks  I bet could decipher  this..

But it sounds like you may have bought a HOA lien which was junior to a mortgage or trust deed.

and it sounds like the mortgage or trust deed went through the foreclosure process and extinguished your rights to the property.. 

if this is the case I suspect you lost your money and they will evict you if your living in the property or if it has a tenant they will introduce themselves as the new owner and start collecting the rent.