HOA foreclosure sales

[Marie Fran]

I purchased a home through a HOA foreclosure. However, the home has a mortgage lien. There is a new assignment of mortgage filed at the county court a few days after I purchased the property. How do I get the mortgage company to negotiate to pay the balance of the mortgage at a lower amount than what is owed as I would like to keep the home. Also, the association would not allow me to rent the property before 2 years, which I did not know prior to purchasing the property. I would appreciate all the help from everyone and anyone who faced a similar issue in the past.

Thank you!

[Chad U.]

Quote from @Marie Fran:

I purchased a home through a HOA foreclosure. However, the home has a mortgage lien. There is a new assignment of mortgage filed at the county court a few days after I purchased the property. How do I get the mortgage company to negotiate to pay the balance of the mortgage at a lower amount than what is owed as I would like to keep the home. Also, the association would not allow me to rent the property before 2 years, which I did not know prior to purchasing the property. I would appreciate all the help from everyone and anyone who faced a similar issue in the past.

Thank you!

Google the new lender on the assignment to try and find a number to call.  They have a duty to provide you a payoff if you are on title, since it's subject to their mortgage.  However, If there is equity above the payoff amount on the 1st lien, then the lender will not likely negotiate.

[Edward Adams]

Quote from @Marie Fran:

I purchased a home through a HOA foreclosure. However, the home has a mortgage lien. There is a new assignment of mortgage filed at the county court a few days after I purchased the property. How do I get the mortgage company to negotiate to pay the balance of the mortgage at a lower amount than what is owed as I would like to keep the home. Also, the association would not allow me to rent the property before 2 years, which I did not know prior to purchasing the property. I would appreciate all the help from everyone and anyone who faced a similar issue in the past.

Thank you!

i agree with Chad on first Lien but i dont understand why HOA dont let you to rent the property for 2 years? also be careful of redemption period.

[Chris Seveney]

Quote from @Edward Adams:

Quote from @Marie Fran:

I purchased a home through a HOA foreclosure. However, the home has a mortgage lien. There is a new assignment of mortgage filed at the county court a few days after I purchased the property. How do I get the mortgage company to negotiate to pay the balance of the mortgage at a lower amount than what is owed as I would like to keep the home. Also, the association would not allow me to rent the property before 2 years, which I did not know prior to purchasing the property. I would appreciate all the help from everyone and anyone who faced a similar issue in the past.

Thank you!

i agree with Chad on first Lien but i dont understand why HOA dont let you to rent the property for 2 years? also be careful of redemption period.

The two year thing is most likely a HOA rule not for foreclosures but overall ownership in the community. I see this a lot in Florida. As mentioned, the first most likely will not negotiate if there is substantial equity - if they were to negotiate it would be very little in most instances.