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If a homeowner's association is granted a

Customer Question
Hi, if a homeowner's...

Hi, if a homeowner's association is granted a foreclosure-auction by court order, might the winning bidder be obligated to any unpaid mortgage of the prior owner? The title was previously held in a private owner's name, no bank or financial institution

Lawyer's Assistant: Is this a fixed-rate or adjustable-rate mortgage?

I would have to look it up. I know it was reassigned years ago

Lawyer's Assistant: Where is the property located?

I see it was an adjustable when initially issued Davenport

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No thanks

Submitted: 9 months ago.Category: Real Estate Law
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Answered in 25 minutes by:
8/2/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 11,426
Experience: Licensed to practice before state and federal court
Verified

Hello! I am a licensed attorney, eligible to practice in front of state and federal court, who is ready to help. I have a nearly 100% satisfaction rating (click here to see my ratings information) so all that means is that you can count on me to help today. A winning bidder in a foreclosure auction is going to be required to pay the amount that secure than the winning bid. If there is any unpaid mortgage, then the person appointed whom the home was foreclosed will be responsible for that difference. For example, if a home has a $100,000 mortgage and it is sold for $50,000 at auction, the new owner will only have to pay the $50,000 and the remaining $50,000 will have to be paid by the previous owner. This is regardless of whether they were a bank or financial institution. Most lenders will just end up writing off that remaining $50,000 as a bad debt in order to complete the transfer of the home.

Follow up questions are free, so please feel free to ask away. You can also click here in the future to request me individually. If you don’t have any additional questions, were you satisfied with my service today?

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Customer reply replied 9 months ago
Thank you for your help. Now I'm confused. Another attorney believes that the otherwise "superior" Homeowner's Association Lien, (the basis for the foreclosure auction), is still subordinate to any mortgages, (the except). If I understand you correctly, you disagree. You believe the mortgage remains the responsibility of the original owner?
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

I'm sorry if there's any confusion. The other attorney is correct; the actual mortgage will retain its superiority over the HOA’s lien. Thus, if the property is sold, the proceeds will go to a) the lender; b) then the HOA; c) any proceeds left over to the homeowner if any.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

If there is no money left over, then the owner will still be responsible for any outstanding liens. However, most HOAs and lenders will write off what is owed as bad debt on their taxes.

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Customer reply replied 9 months ago
Thanks, ***** *****'m not looking to pay for a call right now.
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago
I understand. Those phone call requests are automatic. Did you have any other questions for me regarding this?
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Customer reply replied 9 months ago
If you can offer a free tel consult, I think that would be more productive.
Written back and forth provides for too much confusion, as I struggle to explain the facts and concerns.
If this is not an option, thank you for your time
thus far!
Real Estate Lawyer: Legal Eagle, Lawyer replied 9 months ago

I Really wish I could offer it for free, but the website does not allow bad at all. If that is the case, my recommendation maybe would speak to a local attorney about this situation because they generally offer free 30 minute consultation was places you go. If you didn't have any other questions, would you mind writing your opinion of my service? 5 stars is always appreciated, but never Required.

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Legal Eagle
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 11,426
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