If the high bidder and winner of the auction is someone other than the HOA then that person would own the property "subject to" the mortgage. Since HOA foreclosure judicial (courthouse) sales do not remove other liens, namely the mortgage lien/s, in reality there would be no other high bidder unless the value of the property is greater than the money owed on the loan, i.e. if there is equity.
Very good information. Thank you for sharing. Quick question: What if at the Foreclosure auction the High bidder is not the HOA but a third party? What are pro and cons of that this?
If the high bidder and winner of the auction is someone other than the HOA then that person would own the property "subject to" the mortgage. Since HOA foreclosure judicial (courthouse) sales do not remove other liens, namely the mortgage lien/s, in reality there would be no other high bidder unless the value of the property is greater than the money owed on the loan, i.e. if there is equity.
Hope this helps.
mrshortsales 3 months ago
Very good information. Thank you for sharing. Quick question: What if at the Foreclosure auction the High bidder is not the HOA but a third party? What are pro and cons of that this?
SuperUTuber007 3 months ago