homeowners association lien and foreclosure

[rubaiyat]

What is the name of your state? Florida

I am purchasing a foreclosure at auction.
The homeowners are foreclosing on the property but they are not first lien holder, a bank is. Do i have to pay the mortgage off when I buy the property?

 

[RHooverNC]

anyone? i would like to know the answer to this as well

 

[seniorjudge]

What is the name of your state? Florida

I am purchasing a foreclosure at auction.
The homeowners are foreclosing on the property but they are not first lien holder, a bank is. Do i have to pay the mortgage off when I buy the property?

If the homeowners association has a lien which is not first, then when they foreclose, all the prior, senior liens (such as the one the bank has) survive the foreclosure.

Q: Do i have to pay the mortgage off when I buy the property?

A: Yes, and any other valid liens on the land.

 

[dennisbell]

I bought a home from the HO Assoc.....

I bought a home whereby the homeowners association was foreclosing and I didn't have to pay off the first. I just kept paying on it as though I was the original borrower...they had no problem with that especially since I then held the title to the property.

 

[HomeGuru]

If the homeowners association has a lien which is not first, then when they foreclose, all the prior, senior liens (such as the one the bank has) survive the foreclosure.

Q: Do i have to pay the mortgage off when I buy the property?

A: Yes, and any other valid liens on the land.

**A: your responses are not correct.