Buying Tax Lien on HOA Common Area Property?!?

[Ross Carpenter]

One of the municipality auctions I am going to has a large number of tax liens on delinquent HOA common areas (i.e. things like the right of way at a main entrance to a suburban housing development). The properties would have no commercial value, so there would be no intent to foreclose on the lien, but I was wondering if this would be considered a relatively solid investment (meaning that I would hope the HOA would NOT immediately pay/cure the lien, but would do so eventually in the next 2-3 years). I don't think it is common for HOA's to declare bankruptcy or otherwise try to get out of debt, so my goal would be to receive the monthly interest on the note for as long as possible, while still knowing that it is a secured debt instrument.

The note amounts are small (less than $50 each), so I don't think it would ever make sense to try and spend the hundreds of dollars required to foreclose. Does anyone have any experience in this realm? I have experience with commercial and residential liens with are a bit more straight forward, but the HOA angle is a bit confusing. Very little exists online for this topic, and there aren't enough notes available to warrant consulting an attorney on the issue.

Thanks for any guidance you are willing to provide.