Foreclosure Auctions with liens

[fanesxx]

What is the name of your state (only U.S. law)? FL
I'm just beginning, been doing research but i'm considering property with liens
About to purchase a property thru an courthouse auction, but I wanted to know about.....
1. buying a property with a bank lien, could i setup a agreement with the bank to pay them monthly??
2. buying a property with a bank lien, could the bank take the property from me if i paid less than the judgement amount?
3. buying a property with a HOA lien, could the HOA take the property from me if i paid less than the judgement amount?
4. buying a property with a HOA lien, and the bank is about/or hasn't sent notice of default to the owner, but there is a senior bank lien on the property, could the bank foreclose on me?

 

[LordofBooks]

You may want to double check your purchase contract. Generally in courthouse foreclosure auctions, buyers purchase property free and clear of any liens and debts owed to creditors. It's not typical that buyers assume a previous debtor's debts in a foreclosure purchase unless they agree to. Whatever amount you pay will go towards satisfying the old debtor's debt, anything left over is the debtor's problem, not yours. You'll take property free and clear of any debts and it can't be foreclosed on by the bank, (unless you default on your own mortgage, that is).

 

[nextwife]

You may want to double check your purchase contract. Generally in courthouse foreclosure auctions, buyers purchase property free and clear of any liens and debts owed to creditors. It's not typical that buyers assume a previous debtor's debts in a foreclosure purchase unless they agree to. Whatever amount you pay will go towards satisfying the old debtor's debt, anything left over is the debtor's problem, not yours. You'll take property free and clear of any debts and it can't be foreclosed on by the bank, (unless you default on your own mortgage, that is).

IN a sheriff's sale: Not necessarilly. Example: If a lender forecloses from second position, the first position mortgage would need to be paid off. Any loans that have priority in FRONT of the foreclosing loan are not necessarilly wiped out. One needs to read over the filings and see who is named as defendents, and look at a title report. I would never bid at sheriff's sale without first having a title commitment, even if we already have a jr mtg on the place..

 

[latigo]

You may want to double check your purchase contract. Generally in courthouse foreclosure auctions, buyers purchase property free and clear of any liens and debts owed to creditors. It's not typical that buyers assume a previous debtor's debts in a foreclosure purchase unless they agree to. Whatever amount you pay will go towards satisfying the old debtor's debt, anything left over is the debtor's problem, not yours. You'll take property free and clear of any debts and it can't be foreclosed on by the bank, (unless you default on your own mortgage, that is).

Absolute RUBBISH! Every word of it unalloyed junk!

(Have the ward loonies seized the nurses’ station again?)

 

[latigo]

What is the name of your state (only U.S. law)? FL
I'm just beginning, been doing research but i'm considering property with liens
About to purchase a property thru an courthouse auction, but I wanted to know about.....
1. buying a property with a bank lien, could i setup a agreement with the bank to pay them monthly??
2. buying a property with a bank lien, could the bank take the property from me if i paid less than the judgement amount?
3. buying a property with a HOA lien, could the HOA take the property from me if i paid less than the judgement amount?
4. buying a property with a HOA lien, and the bank is about/or hasn't sent notice of default to the owner, but there is a senior bank lien on the property, could the bank foreclose on me?

A sheriff's sale is cash on the barrel head and without guarantee of marketable title.

Because the sheriff is only entitled to sell what interest the judgment debtor possessed, that is all the highest bidder receives – less the judgment lien that is to be satisfied from the proceeds of the sale on execution.

And that judgment lien becomes thus fully satisfied and discharged of record, whether the proceeds of sale are sufficient to retire the entire debt or not.

If you want to take the risks of becoming that highest bidder, that is up to you. But bear in mind that other judgment liens could attach as you are making your bid and before you could record your Sheriff's Deed.

If you want to buy real estate at a distressed sale, do so under a Trustee’s sale, not a Sheriff’s sale.

 

[fanesxx]

thank you, that last one made more sense...