I have a question about a scenario that I am seeing happening a lot, especially in places where condos were really affected in the RE boom (Bienvenido a Miami).
The owner owes the Condo Assoc. or HOA some amount (say, $10K). They move to foreclose to get that money.
So, the case goes for sale, and I buy the foreclosure for $100 (please do not worry telling me this does not happen, I am seeing it happening every day these days).
So, what happens next?
It is my understanding that now I own the rights for that money (IF the owner ever decides to pay back).
Does this give me ownership of the property?
If not, what happens once the bank forecloses on the property to get paid for their first mortgage?
I'd love to understand this scenario better, so if anyone here understands this, I'd appreciated the feedback/input.
The owner owes the Condo Assoc. or HOA some amount (say, $10K). They move to foreclose to get that money.
So, the case goes for sale, and I buy the foreclosure for $100 (please do not worry telling me this does not happen, I am seeing it happening every day these days).
So, what happens next?
It is my understanding that now I own the rights for that money (IF the owner ever decides to pay back).
Does this give me ownership of the property?
If not, what happens once the bank forecloses on the property to get paid for their first mortgage?
I'd love to understand this scenario better, so if anyone here understands this, I'd appreciated the feedback/input.
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