In this article, you can find out:
- What steps you should take before purchasing a property being foreclosed by an HOA.
- One key benefit to a mortgage foreclosure purchase.
- How our firm can help you with purchasing a property from an HOA or condo association.
What Do I Need To Do Before I Buy A Property In Foreclosure From A Homeowner Association Or Condo Associations In Florida?
If you find a property that you want to purchase that is being foreclosed by a homeowners association (HOA) or condo association, there are some important steps to take before your purchase.
You should review the chain of title documents to determine if there are superior liens that may still be on the property. This could include mortgages or tax liens on the property, or some sort of criminal judgment that could be still on the property. HOA and condo association liens are going to have very low priority, so they are unlikely to wipe out very many inferior liens.
One of the benefits of a mortgage foreclosure is that if the mortgage is in first priority, it will wipe out virtually all other liens underneath it. There are exceptions though, such as certain tax liens, child support judgments, etc. These liens do not necessarily disappear if they are attached to the property.
Buying a property can be daunting. Foreclosure purchases may come with even more questions and concerns than ordinary properties.
Let us handle the legal side of the foreclosure purchase for you, and address your questions and concerns. At Dubyak Law Firm, we can do title searches for you and review title documents to determine whether the property has any liens before you purchase it at the foreclosure sale.
With the guidance of a skilled attorney for Foreclosure Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Foreclosure Law in Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling
(850) 266-7822 today.
