HOA foreclosure in Florida need help

[Patricia Roman]

II purchased a foreclosure at auction in Palm Beach Fl. turns out it was a HOA foreclosure. There is not any equity if the property. Not behind on taxes. I over paid for the certificate of Title. I need exit strategies ASAP. The owner is living in the property and he is 2 months probably 3 payments behind. What is my best exit strategy to get my 16k back. The previous owner is getting 8k from the overage of the sale. He would like to stay in the property and rent back to me. I am sure the bank will start pre foreclosure soon. I don't have any other money to put into it. I made a mistake and need to recover my losses. Any advice?

Pat

[Justin Abdilla]

Pat, I'm not an attorney in Florida, but this sounds like a pretty classic scenario.  When you buy a junior lien and the property will go to foreclosure, you get paid after the Bank on the property at the next sale.    I think you're probably out of luck on your 16k, and that you will need to get in line behind the mortgage lender.

Perhaps your second position lien will survive the judgment and you can seek a garnishment down the road.