All Forum Posts by: Tammy Spearman

Yes, I know we should have done the research first. However, my husband did this without my knowledge and is now enlightened as to what should be done first, but what's done is done now. In FL the HOA has the right to foreclosure just as a mortgage can; however, it is junior to the first mortgage. We don’t want anything “given†to us we just want to keep the house. It is totally upside down. We want to negotiate a fair deal based on the cash we have and the market value not what’s owed on the note.

We are in FL. Without knowledge purchased a HOA foreclosue with a 1st lien. The 1st lien is in pre-foreclosure. The homeowner's were in the process of negoiating a loan mod so the foreclosue is on hold. I dont think the bank knows about the HOA foreclosue. The homeowner has left the property. How do we negoiate with the bank to rid the 1st lein? It is a Fannie Mae backed loan with BofA. Is it possible to make an offer to buy the note from Fannie or BofA? Any tips, ideas, etc?
Thank you.