Liens?


#1

I’m just beginning, been doing research but i’m considering property with liens
About to purchase a property thru an courthouse auction, but I wanted to know about…

  1. buying a property with a bank lien, could i setup a agreement with the bank to pay them monthly??
  2. buying a property with a bank lien, could the bank take the property from me if i paid less than the judgement amount?
  3. buying a property with a HOA lien, could the HOA take the property from me if i paid less than the judgement amount?
  4. buying a property with a HOA lien, and the bank is about/or hasn’t sent notice of default to the owner, but there is a senior bank lien on the property, could the bank foreclose on me?

#2

Don’t take this as an insult - but I would strongly advise you NOT buy a “property w. liens” - to use your phrasing.
It would sound like you don’t know even the basics how things work. It won’t take you long to lose your money. One or two of your questions don’t even make sense.
Very short answer is: “When you buy a property under a sale by a junior lien holder, you take it subject to all liens that are senior.”

Before you lose big bucks - if you are determined to get into this “game”, find someone knowledgeable to partner a couple deals with, first.


#3

yeah i really haven’t bought anything yet and i don’t know any of the basics, but i do want to learn, any advice is good advice, i really do appreciate it, it’s not an insult, there are other ppl around my area who don’t want teach me or talk about it, i’m only 26, i’ve got time to learn what need then i’m coming for them…
anyway i respect you more for answering, i won’t make purchase until i’ve seen the process in front of me at least 3 times

but i don’t understand the judgement amount, (my county courthouse has a auction online, so i see the final judgement amount and more info from the site, but i can research more info and see the other liens with public records)

I see other guys win the bid less than what’s foreclose amount, don’t they have to deal with the bank??


#4

fafa -
I had assumed you were from Ca. I didn’t notice you were from Florida (where I’ll be the next few weeks - we have a home in Aventura.)
Yes - I know some (all?) counties let you bid online. I do NOT know much at all about the process, there. I have only bid on foreclosures in non-judicial states (states where the foreclosures are handled outside the Court system.
In judicial fcl. states like Florida - the rules vary considerably from state to state. I don’t know if you get a final Deed, or get a provisional Deed where there is a right of redemption. In Florida, you can log in and read Court files online - at least in some counties like Miami-Dade. Thus, you should be able to see what is being alleged and see the position of the loan that is foreclosing.
Other items to inquire about - assuming you get a final Deed, do you get a judgment for possession at the same time or do you have to file a separate suit? If so, what is the time involved.
Obviously, someone who does this isn’t going to give you the time of day since they don’t want more competition. Since you can bid online - I wouldn’t know if professional bidders go to a physical sale at Court to bid. If they do, you might pick up some useful info by hanging around
One thing I have wondered about Fl. -at least Miami and Broward counties where a large percentage of fcl. are condos, how you figure out what you are getting?
One thing you would need is access to the MLS so you can see what properties are actually selling for. That is especially useful in a Condo where many units tend to be identical and you just need to adjust for what line they are in and the floor number.


#5

thanks very much man, i really do appreciate it again
i’m from broward county
i can see from public records of court paper trails, like what kind of deeds, then i look to see if there were any mortgages liens tie to that name, i didn’t know i could see all this info…it just a lot reading and most of them are hoa foreclose

the auction is tuesday thru fridays, i notice mainly fridays they do condos, tuesdays is a large amount of foreclosures, but but like overprice on almost every one, and at least 50% of them are cancel like crazy…

they give you a “certificate of title” after a winning the auction.

judgment for possession actually makes sense, but i’ve been doing a lot research of auction sales 3 months before and nothing is done by the banks and or hoa’s…(do you get a judgment for possession at the same time or do you have to file a separate suit? If so, what is the time involved)