So a friend of mine, recently purchased a house at a foreclosure auction that a HOA had foreclosed on, for very little money. Well after getting the certificate of title it came to his attention that there was a mortgage on the property still and at anytime in the future that mortgage could foreclose and take the property from him.
For a example well say a 10000 dollar HOA lien for a 200000 dollar house with 180000 left on the mortgage
So where does he stand legally?
Does he have any hope of keeping the property without paying off the rest of the mortgage?
Can he rent the property out? (If yes what would happen to the tenants after the mortgage foreclosed, and would he be legally obligated to tell them the house may be foreclosed on)
Can he make changes / repairs to the house if need be while its still in his possession?
If he say wanted to take the refrigerator out to recuperate some of the money since for the time being he owns the title of the house would there be any legal recourse against him?
If / when the bank that holds the mortgage finally forecloses can he put a lien against the house for the money he paid?
Any information you can shed on the matter would be helpful.
P.S. he did contact a local lawyer who just pretty much said he was shit out of luck.
Submitted October 04, 2014 at 03:07AM by bobguy123 http://ift.tt/1rU768o legaladvice
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