All Forum Posts by: Do Luong

That is good to know that the winning auctioned bid will be final purchase price and that settles the previous mtg/ lien that foreclosed on the property. I have been interested in looking at auctions but have been hesitant since it is all buyer beware.

Originally posted by @Wayne Brooks:

I assume you are talking about a mtg foreclosure...if you are the high bid, the bank has to accept that as full payment, and their debt is discharged from the property.  If an hoa foreclosure, it is trickier. Any unpaid amount of the judgment, actually stays attached to the property.  As always, have a title search done to make sure of what you are doing, and cheek for back property taxes.

Good info @Wayne Brooks, let me get this right.  For example if a Final judgement amount is 100K (total dues owed to principle, attoryney, fees etc.) and I won at auction for 50K.  Are you saying that I just won for 50K assuming no other liens (2nd mtg, hoa, tax etc. or any other junior liens that would get left off) and the other 50K difference is discharged by the mtg.   

The bank/mtg "would have to" accept my 50K winning bid as full payment and nothing else owed??  

Originally posted by @Jonathan Holmes:

This is a complicated process involving splitting the lot running utilities all kinds of zoning laws. This will all vary based on your county, state and local authorities.

If you’re serious about it invest the money to sit down with a local real estate attorney for a consultation. Any other advice is going to be unreliable at best.

Thanks for the help @Jonathan Holmes.   I will have to look further into this process.  Not a bad idea to gain an additional income from the same land!

Hello,  New to BP.  My question is I currently have a mobile home fixed to a property.  I have enough land to add an additional home to it.  What steps do I need to take in order to split or share the property with a 2nd home.  All help is much appreciated.  Thanks