Buying an HOA lien at Sherrif's Sale

[Marc M.]

Hello BP,

Are there any investors out there who have had success buying HOA liens at weekly sheriff's sales? I follow public notices in my home state of Michigan to track foreclosures in areas I invest in and sometimes I see HOA's foreclosing for under $10K. I assume that 99% of the time there are senior lien holders like 1st or 2nd mortgages ahead of the HOA, but I also wonder if any investors use this as a strategy....buying a cheap lien to then take out the seniors if there is equity in the property? Said differently, if you buy a $3000 lien can you pay off the other lien holders so that you're in first position or is that essentially paying off someone's mortgage to get back your $3000? And if that's the case...what benefit is there to buying an HOA lien if any?

Thanks,

Marc