I would agree with my colleague Suzie Marquardt
from Realty One Group, it is unbelievable what
these Banks & HOA"s do to the consumer there
should be better legislation to protect them.
If I can be of further assistance and answer
Any of your other questions please contact me
Realty One Group
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
Homes are being bought from HOA's in auctions, but the Bank still has a lien on the property. So now you have a new owner with the old owner still owing the Bank. In many of these cases, the new owner is leasing the property out until the bank forecloses. The new owner would need to pay off the bank loan off to get free and clear title, but in most cases, they purchased it for just a few thousand and they can either pay off the bank as stated or just make revenue by renting it out until the bank forecloses.
For example, Investor 1 purchases a home valued at $300,000 at an HOA auction for $6,000. If the loan on the home is 150,000, then all they need to do is pay it off.. Then they own it. The problem with this is, many Home Owners do not understand this... don't pay on their HOA, get their homes sold out of under them and still owe the bank.