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MIAMILAW1127, Lawyer
Category: Real Estate Law
Satisfied Customers: 755
Experience:  Founding Partner at Moises Law, P.A.
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We purchased a property in 2013 on an Auction in Miami,

Customer Question

We purchased a property in 2013 on an Auction in Miami, florida Court house. I have a certified title the plaintiff was the Association and the demand was foreclosure owned by Bank of America and the owner .  I already invested money in the property We are paying on time the association but the bank still paying the taxes. I received an advertisement letter from a law office offering us their services because Bank of America filed a civil demand against us, the association and the original owner. We didn't know about this from anyone except because we received the advertising? We purchased the property by the court legally. My question what can happen to us? and if we have the right to keep the property? The court gave the bank and the previous owner 30 days to respond and they never did so the property was titled to us by the court.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  MIAMILAW1127 replied 1 year ago.

Hello. Thank you for contacting me. I am a consultant here and I am looking forward to assisting you with your question. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Please be patient as I will be typing my responses to you from scratch. Also, I can only answer/address the questions you ask specifically based on the information your provide. Please try to provide as much information as possible so I can best assist you.

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You purchased the Association lien through the court, correct?

Customer: replied 1 year ago.
Expert:  MIAMILAW1127 replied 1 year ago.

Ok so, when you purchase the Association lien, you are purchasing the junior lien. The bank's lien is the senior lien. You essentially own the property until the bank forecloses.

In other words, when someone lives in a property with an Association and they stop paying the bank and the association, what ends up happening is that both of them foreclose. However, the Association typically moves much quicker on their foreclosure. People either end up by the Association lien because they think they are getting a great deal and they really are not buying what they thought they were or they know how far along the bank's foreclosure is and they intend on renting out the property and stalling the bank's foreclosure to make money on it while they have it.

Basically, you bought the junior lien and now the senior lien (the bank) is foreclosing. Once they complete their foreclosure, your interest will be extinguished and you will no longer own the property.

Customer: replied 1 year ago.
What happened with the money the I invest in the property, remolding and fixing?
Expert:  MIAMILAW1127 replied 1 year ago.

Unfortunately, you would lose that money.