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Updated over 1 year ago,
Need help with condo liens
Hello All,
I have been doing some digging in the Foreclosure world and found a Condo in my area. Everything seemed to be ok with it, I even passed by the property physically to see if I can see anything out of the ordinary. Thats when I started to look at the title of the condo. I found two condo liens attached to the property.
Based on the dates and documentation, it seemed as if the first condo lien was filed, and the resident started to pay off the debt. (Which was around $11,000 in unpaid HOA fees) Then nearly two years later, which would be now, another condo lien is filed and the amount due is $9,700.
Let's say I'm the lucky investor who gets this property with a winning bid of $5,000.
1. Would the condo liens survive foreclosure?
2. If they do, does my bid go toward the unpaid debt?
3. If the liens are my responsibility after auction, will I have to pay for those up front?
Any insight on these three questions is greatly appreciated! Much love.