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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16710
Experience:  Experienced Licensed Attorney
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I recently bought a condo at foreclosure auction hoa

Customer Question

Hello I recently bought a condo at foreclosure auction hoa lein...I tried to sell it and it came back that it has a mortgage lein still ...I need to get clear title to be able to sell it...I contacted Region's bank , they said they would get back to me on how much is still owed on the property...It's in South Carolina I thought the law was in SC they had to respond in 48 hrs...also I need to know how much they typically take as a payoff anount? I heard that it's usually a third of yhe amount owed, need to know if this is true...
Submitted: 1 year ago.
Category: Legal
Expert:  Alex J. Esq. replied 1 year ago.

Hello. My name is ***** *****

Thank you for your question.

I will be happy to provide you the information you are seeking for educational purposes only.

There is no law in South Carolina that require mortgage lenders to respond to inquiries within 48 hours or to accept any amount less than the full amount of the mortgage, plus any late fees, interest and other legal costs.

What is the current market value of the condo?

What is the amount of the mortgage lien?

Customer: replied 1 year ago.
Current value is 65k I believe they still owe around 20 to 25k but I won't know for sure until bank responds to our request for payoff realtor told me that we can negotiate a payoff settlement
Expert:  Alex J. Esq. replied 1 year ago.

Thank you for your follow up.

Unfortunately, generally, if there is enough equity in the condo to cover the entire mortgage balance, in most cases, the mortgage lender will not accept any less than the full amount owed on the mortgage, but if the person who purchases HOA lien does not pay off the entire mortgage amount, then mortgage company will simply foreclose on the condo and will sell condo at a foreclosure auction.

I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide customers with correct answers, even when answer is not favorable to the customer.

I wish you the best of luck and God bless you!

Customer: replied 1 year ago.
Expert:  Alex J. Esq. replied 1 year ago.

Please let me know if you have any related follow up questions?
If not, please positively rate and accept my answer, so I can be compensated for my work.
Thank you.