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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 116707
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I am in FL. Without knowledge purchased a HOA foreclosue with

Customer Question

I am in FL. Without knowledge purchased a HOA foreclosue with a 1st lien. The 1st lien is in pre-foreclosure I knew it after I paid the bid amount balance. My friend told it’s not what I thought that what I got from the bid.
Here was what happened, I placed a bid yesterday 6/3/2015 under my LLC for $88,000.00 end up won the bid at $14,600.00. I was wondered & asked in the court counter “am I really own the property?” They said in 10 days they will mail the “Deed” to me, so technically “Yes!”
Now I know it’s a very stupid mistake investment.
Do I have any way to give up the “deed” that I am going to own & to be foreclosure soon?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 2 years ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
I am afraid you bought the house and it was up to you to conduct due diligence in every property you agree to purchase. You would be the owner of the property and you cannot "give up the deed," but you can work a deal out with the mortgage company as the new owner to seek to try to buy them out on their foreclosure and make the mortgage company a deal.
I am sorry to say that if you do not make a deal with the mortgage company, you are stuck with the property you bid upon and it is going to end up a loss and legally there is nothing you can do about that.

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