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Updated 9 months ago, 03/18/2024
Every investors NIGHTMARE? Both properties have LIENS!
I want to share my story and make it aware to others but also looking for opinions and thoughts. i purchased two properties in broward county florida from the foreclosure website auction. I purchased them with my company name & rehabbed them to find out that they both have a Morgage lien tied into it that i was not aware of. In my home state of ohio, these auctions come with clean title and they include all leins and morgages in the starting price so i figured it was the same for florida.
first property i am a defendant on, the second im not because the foreclosure process started before my purchase date so im not entitled to the lien.
Property 1 im 120k into it, the morgage company wants 136k . its worth around 190k currently, rent is 1800 if i wanted to rent it, HOA is 450
Property 2 im 280 in to it, the lender wants 360, but its worth 500 and can easily appreciate more quickly, rent is 4000, HOA is 1400
i have a family friend who is a lender whos willing to help offer cash to the lenders and then i can either sell properties for a lesser loss than 400k or hold for a few years and throw tennants in it and sell after to break even with the appreciation
I'm hoping the lenders for the second propery is willing to work with me , and maybe even negotiate. i hired a lawyer today. fingers crossed.
BEWARE everyone because im in a very bad scenario :(