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Updated about 4 years ago,

User Stats

4
Posts
1
Votes
Karl Yousef
  • Miami Beach
1
Votes |
4
Posts

Auction Foreclosure market: Order of purchased liens

Karl Yousef
  • Miami Beach
Posted

Hi all, 

Happy New year. 

My question is regarding auctions. I'm looking at an Auction sale for a condominium in Miami. The "final judgement" price is $43,000, which is levied by the Condo Association for unpaid Special Assessment fee's. The Condo owner also has a First and Second mortgage, which have issued Lis Pendens, but have not put the home up for auction. If I purchase the $43,000 lien, I am only purchasing a third position lien which does not give me rights to the title of the home, is that correct? How do I know if the lien I purchase gives me rights to a home at auction? Thank you all for any help. 

Best,

Karl

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