Auction Foreclosure market: Order of purchased liens

[Karl Yousef]

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

[Wayne Brooks]

@Karl Yousef A clarification....

When you buy at a foreclosure auction, you are Not buying the “lien”....you are buying the actual property, you get title, but is it is subject to any superior liens.

In the case of an hoa auction, both the first and second mtgs will remain attached to the house.....you will lose the property, and all money invested, when either of those mtgs gets to a foreclosure auction.