All Forum Posts by: Rona Strish

Hello, thanks everyone's help!

I'm interested a property on first mortgage lien foreclosure but it had HOA foreclosed 2 years ago, current title is on a 3rd party which was the winner of HOA foreclosure, what is the risk for this auction? If I am the winner of this auction, do I get clean title or I have to pay current title holder to clean up title?

Thanks again.

Rona

@Guillermo Oyola Thanks for the info, I checked there's no city liens but I did receive notice hang on the door to pay water bill and account is under previous owner, I called county water and they said I don't have to pay if the account is not under my name.

@Wayne Brooks That's good to know it won't take extra time for title to get payoffs.

Thanks a lot for the help!

Thanks Wayne and Chad, you guys are very knowledgeable, I learned a lot from you, appreciated! At this moment, what is my best way to handle this? How long will it take title to get payoffs compare normal title closing? It will be fine if just couple of months, is there any chance will take 6-12 months? If it's the case, am I able to rent it out due the hardship with HOA 24 months rule?

Thanks again!

Thank you Chad for sharing! Why there's a lot information online shows FL is HOA super lien state and mortgage will wiped out, that's misleading, I will check it out.

Thanks again!

Yes, I checked that HOA didn't name any of mtgs as additional defendants, so the surplus goes to previous owner, what about utilities that previous owner hasn't clear? Will previous owner still responsible it since account still under their name? How can I calculate mtgs balance without known when previous owner stopped paying? Let's see if there's 150k loan with 4% in 2013 when they purchased house, what's possible amount will I pay?

But why there's so many information on line shows that FL is HOA super lien state and mtgs will be wiped out, that's misleading...

Thank you Wayne for reply! Lender hasn't file foreclosure and there's no other LP recorded under previous owner, does lender still able to file foreclosure even HOA foreclosure complete and title recorded? it planned as rental but I have to sale it due HOA rules that can't rent it out before 24 months of ownership, the house is under contract and I haven't heard anything from title company, I hope I will make few bucks or break even if I have to pay mortgage balance, I will have huge profits if I don't have to pay that. Will proceeds towards 1st mortgage after paid HOA since I paid much higher than HOA lien?

Thanks a lot!

Hi BiggerPockets Experts, could you share how does HOA super lien work? Florida is HOA super lien state, does it mean if HOA foreclosed a house then 1st mortgage will be wiped out? I purchased a HOA foreclosed house through county auction in May 2021 in Florida, county transferred title to me and recorded in June 2021, when I was doing Due Diligence there's no other liens under previous owner besides HOA lien but there were 3 loans recorded when previous owner purchased home in 2013, one was USDA loan, one was FL housing finance corporation and one was through county, this house was first time home buyer assisted with government, my question is: Are these loans wiped out through HOA foreclosure since FL is HOA super lien state? Who will responsible for these loans balance? Previous owner or me? Why lender USDA didn't take any action through HOA foreclosure if previous owner stopped to pay their mortgage for a while?
Thanks a lot!

Hi BiggerPockets Experts, could you share how does HOA super lien work? Florida is HOA super lien state, does it mean if HOA foreclosed a house then 1st mortgage will be wiped out? I purchased a HOA foreclosed house through county auction in May 2021 in Florida, county transferred title to me and recorded in June 2021, when I was doing Due Diligence there's no other liens under previous owner besides HOA lien but there were 3 loans recorded when previous owner purchased home in 2013, one was USDA loan, one was FL housing finance corporation and one was through county, this house was first time home buyer assisted with government, my question is: Are these loans wiped out through HOA foreclosure since FL is HOA super lien state? Who will responsible for these loans balance? Previous owner or me? Why lender USDA didn't take any action through HOA foreclosure if previous owner stopped to pay their mortgage for a while?
Thanks a lot!

Hi BiggerPockets Experts, could you share how does HOA super lien work? Florida is HOA super lien state, does it mean if HOA foreclosed a house then 1st mortgage will be wiped out? I purchased a HOA foreclosed house through county auction in May 2021 in Florida, county transferred title to me and recorded in June 2021, when I was doing Due Diligence there's no other liens under previous owner besides HOA lien but there were 3 loans recorded when previous owner purchased home in 2013, one was USDA loan, one was FL housing finance corporation and one was through county, this house was first time home buyer assisted with government, my question is: Are these loans wiped out through HOA foreclosure since FL is HOA super lien state? Who will responsible for these loans balance? Previous owner or me? Why lender USDA didn't take any action through HOA foreclosure if previous owner stopped to pay their mortgage for a while?
Thanks a lot!